Asset managers are facing hundreds of ESG fund downgrades

A number of managers have already changed their fund classifications from Article 9 to Article 8, and more are set to follow.

Eric Pedersen, head of responsible investment at Nordea Asset Management

Asset managers across Europe may have to reclassify hundreds of ESG funds in the coming months.

Reviews by researchers including Morningstar Inc. show that only a small fraction of funds registered as Article 9 -- the EU’s strictest ESG category -- actually lives up to the level of sustainable investments required under European rules.

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