EUROPE - Socially responsible investment (SRI) in Europe received a boost over the summer period with mandates being awarded according to SRI criteria, and ethical guidelines being outlined by one of the continent's largest investors.
The news comes as a survey of 105 leading European fund managers by Thomson Extel and the UK Social Investment Forum found 90% expect their involvement in SRI to increase.
Mandates from the Dutch metal industry pension fund PME and the Swiss Caisse de Prevoyance du Canton de Geneve (CIA) have buoyed Credit Lyonnais Asset Management’s (CLAM) launch of its SRI subsidiary Integral Development Asset Management (IDEAM).
Currently, IDEAM manages e500m in assets in total, of which e120m comes from PME and Swfr70m (e45m) from the CIA.
CLAM’s own SRI funds are to be managed or advised by IDEAM at a later date. “If we take into account what is to come from CLAM, the total amount is e700m,” said Xavier de Bayser, president of IDEAM.
The SRI-friendly Dutch market is where de Bayser sees the greatest potential, especially since the two main trade unions insist that within five years funds should invest 50% on an SRI bias.
IDEAM intends to bid for the Fonds de Réserve des Retraites (French state reserve fund) recently announced e100-200m SRI allocation.
University College Union (UCU) and Universities UK have appointed Joanne Segars to chair the joint expert panel to examine the valuation of the Universities Superannuation Scheme (USS).
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All 6,000 UK schemes had a surplus of £361bn by the end of last month when calculated under a best estimate return on their assets, according to First Actuarial.
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