AMP Capital completes $440m tobacco divestment
In a move that seems timely given the recent campaigns against tobacco investment held at the United Nations General Assembly in New York, to which First State Super’s Michael Dwyer took the stage, AMP Capital has completed its near half a billion dollar divestment from tobacco securities that began in March last year.
In addition to the divestment, which is something that would have Tobacco Free Portfolios founder, Bronwyn King, clapping from the sidelines, AMP Capital also became a founding signatory of the Tobacco-Free Finance Pledge launched at the General Assembly.
AMP Capital’s CEO, Adam Tindall, said as a global investment manager, the fund manager firmly believed in responsible investment and company engagement to drive meaningful change.
“…However in the case of tobacco no level of engagement can resolve the inherent dangers involved with their products,” he said.
The fund manager has also completed its $130 million divestment from manufacturers of cluster munitions, landmines, chemical and biological weapons.
AUTHOR
Anastasia Santoreneos
Recommended for you
BlackRock has taken a $25 million stake in Generation Development Group as the two firms announce a strategic alliance to design and distribute tailored retirement solutions.
The global asset manager is launching its second alternatives fund for Australian wealth clients, focusing on private equity investment opportunities.
Trading platform Selfwealth has officially delisted from the ASX, marking the final step of Svava’s acquisition plans as it implements a scheme of arrangement.
US alternative credit manager Apollo Global Management is viewing Australia as a “priority market”, as it launches a fund for Australian wholesale investors with Channel Capital.
