Responsible Investment News

ASB KiwiSaver still has $20 million in tobacco investments

“ASB funds’ investment approach includes having a globally diversified portfolio of assets, and we provide full transparency of holdings on the public ‘Disclose Register’.

“With our index-tracking style of investment management, we track the index and have benchmark exposure to tobacco.

“As at the end of February 2017, ASB’s average exposure to tobacco across all KiwiSaver funds was 0.31 per cent.”

Morningstar figures show ASB had $6.99 billion in funds under management as of February 28 putting its tobacco investment at $21.9m.

ASB, AMP and Westpac were left as the last three major providers still invested in tobacco after a number of other providers pulled out in the wake of research carried out by the New Zealand Herald and Radio New Zealand which exposed controversial investments.

Read full article here.