Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a411872
Skandia drops JPMorgan as Impax takes full control of Ethical fund
by Nicholas Paler on Jul 05, 2010 at 17:03
Skandia Investment Group (SIG) has dropped three of the four managers running its Ethical fund after handing sole control to Impax's Environmental Markets fund team.
SIG said it had now handed full control of the £74 million fund to Impax managers Bruce Jenkyn-Jones, Ian Simm (pictured) and Jon Forster, after scrapping the fund's multi-manager approach.
It has removed JPMorgan's Howard Williams, who was running 72% of the fund, as well as pulling its 10.5% position in Audrey Ryan's Aegon Ethical Equity fund.
Skandia has also removed the fund's 10.5% exposure to Aviva's UK Ethical fund run by Peter Michaelis.
Impax's Environmental Marks team will now have the sole mandate on the fund, after previously investing just 7% with the team.
SIG’s head of alternative asset research, Ian Aylward, said: 'With concerns over the environment growing significantly in recent years, refocusing our Ethical fund to enable investors to help meet those challenges seems to us to be a wholly appropriate way forward.'
The SIG fund will now be invested across the environmental sector in areas including alternative energy and energy efficiency, water treatment, pollution control and waste management.
Prev Close:
More FTSE charts & pricesPrev Close:
More FTSE charts & pricesPrev Close:
More FTSE charts & pricesNews sponsored by:
2 comments so far. Why not have your say?
Jonathon Clark
Jul 06, 2010 at 10:18
While Impax are a respected environmental fund manager it is difficult to see how Skandia can continue to justify calling this an ethical fund - environmental funds do not always include ethical criteria.
report thisGeoff Griffiths
Jul 06, 2010 at 10:45
Stop being grumpy, Jonathon. Impax is a great choice - a specialist with ethical/environmental in their very DNA. Why JP Morgan were ever in the frame says much about the flawed genius in Skandia who appointed them.
As you will know, the fund was originally modelled on (or ripped off from) the Barchester Best of Green fund - which Skandia recently axed, the moment I retired - and the appointment of Impax takes it back to those roots.
Of course, we did have problems with the Scot Wids Environmental fund, which thought it was OK to hold tobacco stocks. This may have been ok strictly speaking, but showed a lack of understanding of the values-driven investor. And, incidentally, a lack of knowledge regarding the environmental impact of tobacco curing barns in the third world.
Impax are not the sort of outfit likely to make that mistake. A welcome move!
report thisleave a comment
Please sign in here or register here to comment. It is free to register and only takes a minute or two.