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
Selfwealth has provided an update on the status of its scheme implementation deed with Bell Financial Group as well as whether rival bidder Svava remains in the picture.
Magellan Financial Group has reported its first half FY25 results while appointing a new chief financial officer and promoting Sophia Rahmani to chief executive.
Schroders Australia has launched two active ETFs and plans to further expand its listed range over the year ahead.
Platform Netwealth has reported its financial results for the first half of FY25, reporting an 80 per cent increase in net flows, with its CEO viewing a “huge opportunity” from private assets.
