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.
A report examining investments in illegal Israeli settlements on the Palestinian West Bank reveals that Norway’s oil fund is the largest investor in 50 companies located there, and that AB Industrivarden and Nordea are also among the 10 largest.
Once again, AMWatch is handing over the mic to international asset managers with a Nordic presence during the festive season. This time our December/New Year series is being kicked off by Ulrik Holm Oxfeldt, head of Nordics at US-based firm Columbia Threadneedle.
Funds linked to environmental, social and governance principles are by definition supposed to minimize risks tied to those three factors. In 2022, the approach did little to help protect investors from the brutal slide in the financial markets.