UK/EUROPE - US giant Mellon Financial Corporation has launched a new fund dedicated to ethical investment aimed at both institutional and retail markets.
The Mellon European Ethical Index Tracker is a sub-fund of Mellon Global Funds, a unit of Mellon Global Investments, and has been introduced amid growing calls for more SRI instruments, said the firm.
The new fund aims to provide long-term capital growth that matches the performance of the E.Capital Ethical Index Euro - Europe's first ethical index launched in May 2000 by financial advisers, E.Capital Partners.
The fund allows institutional and private investors exposure to large cap European equity markets while investing in securities screened for ethical, financial and environmental standards. The fund offers multiple share classes and is currently available in the UK. It will be opened to European investors in the near future.
The Mellon European Ethical Index Tracker Fund is managed by Mellon Equity portfolio managers. Mellon Equity currently has more than $1.6bn assets tied up in socially responsible/ethical investments.
By Madhu Kalia
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