Tobacco Free Finance Pledge list grows
The list of superannuation funds divesting from tobacco continues to grow, with Crescent Wealth pledging against tobacco investments at the UN General Assembly last week, in line with their Islamic-compliant investment approach.
The Islamic superannuation fund also urged global investment firms to adopt a higher tobacco-free standard: to not invest in companies that help distribute tobacco to customers.
“This is one of the reasons that Crescent Wealth does not invest in Woolworths and Coles, which also sells tobacco through its supermarkets and alcohol retail chain,” said director, Hilal Yassine.
“Those companies that transport, showcase and then sell tobacco, rather than just produce or manufacture it, are arguably just as responsible for the negative outcomes in our society.”
Yassine said firms needed to take a more holistic approach to divestment if the “scourge of tobacco” is to be rooted out, and perhaps invest in healthcare, property and infrastructure, utilities and innovative industries instead.
AUTHOR
Anastasia Santoreneos
Recommended for you
Some 42 per cent of CEOs say they are actively reinventing their business to stay relevant in the next decade, with consumer services the most common choice for asset and wealth managers.
Former Ophir Asset Management chief executive, George Chirakis, has joined private equity manager Scarcity Partners, while the asset manager has appointed a replacement from Macquarie.
Australian Unity has appointed a fund manager for its Healthcare Property Trust, joining from Centuria Healthcare, as it restructures the product with a series of senior appointments.
Financial advisers nervous about the liquidity of private markets funds for their retail clients are the target of fund managers launching semi-liquid products which offer greater flexibility and redemptions.
