Amundi downgrades ESG funds as industry faces USD 85bn hit
Europe’s biggest asset manager is removing the European Union’s highest ESG designation from virtually all funds that once carried it, as it joins a growing list of investment firms that have been wrong-footed by a change in regulatory guidelines in the bloc.
By Natasha White and Frances Schwartzkopff / BLOOMBERG
Europe’s largest asset manager Amundi is reclassifying almost all of its range of funds listed under the EU’s highest ESG category, known as Article 9, a spokesperson for the asset manager told Bloomberg.
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