The response from asset managers to a critical new report on ethical investing reaffirms some uncomfortable truths for the investment industry, writes David Osfield, portfolio manager of the EdenTree Amity International fund.
A recent report by a leading ethical IFA, Castlefield, criticised a number of houses for running funds that give "ethical and sustainable investing a bad name". The report raises concerns around the packaging of responsible investing at a time when the industry is seeing increasing risk of 'greenwashing' - a term to describe when asset managers purport to be 'green' through marketing rather than fully integrating ESG and sustainability in to their investment processes. In its commentary, Castlefield did not pull any punches in identifying funds which it believes "risk watering down th...
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