Nest awards fund mandates to F&C and HSBC
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Nest Corporation has appointed F&C and HSBC Global Asset Management to manage its ethical and Shariah mandates.
The ethical mandate has been awarded to F&C while HSBC takes on the management of the Shariah mandate.
The Nest ethical fund will invest in actively managed and screened global equities, as well as some government bonds. The ethical fund will be managed through a fund of funds approach with the F&C stewardship international fund taking up the equity portion of the fund.
The Nest shariah fund will invest solely in the HSBC life Amanah pension fund. The fund passively tracks the Dow Jones Islamic titan 100 index, a global equity index designed to be in compliance with Shariah principles.
Nest chief executive Tim Jones says: “These latest appointments are excellent additions to Nest’s choice of fund managers. I am delighted that all of our fund managers have such depth of experience in their particular fields. Both of these funds should provide an excellent foundation for helping our members who want to make a choice based on ethical or faith grounds save for retirement.”
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