HK's Kingsway eyes US$50 mln in new ethical fund
Date: 08-Oct-02
Country: CHINA
The Kingsway Socially Responsible Investment Asia Fund will be an open-ended mutual fund available to retail and institutional investors and will invest in Asian equity markets outside Japan, the firm said in a statement.
Kingsway's investment analysts will screen companies for a set of 23 social and environmental criteria.
It will exclude companies in the military, nuclear, tobacco and gambling industries, as well as those with animal testing and deforestation practices.
Kingsway employs ethical screening techniques on all of its five funds in Hong Kong's Mandatory Provident Fund (MPF) public savings scheme and its six unit trusts for sale in the territory.
Socially responsible investment has gradually gained popularity in Asia and hit the headlines this year after U.S. pension fund giant Calpers said it was withdrawing money from regional markets that failed to meet its strict criteria for social and ethical investment.
