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Ethics row erupts over global resources fund

Hargreaves Lansdown and the Ethical Investors&#39 Group have clashed over the environmental credentials and investment case of First State&#39s recently launched global resources fund.

HL investment manager Ben Yearsley criticises EIG director Lee Coates&#39 contention outlined in Money Marketing last week that few investors would choose the fund if they knew of the environmental costs. Yearsley questions if Coates has met First State&#39s management team, which he says emphasises environmental and health concerns, and the legitimacy of most ethical funds&#39 investment case.

But Coates has hit back,dismissing Yearsley&#39s ability to assess environmental concerns and his opinion that, under EIG&#39s criteria, the fund would have nothing left in which to invest. He claims he does not need to have met First State&#39s fund management team to assess its views on ethical investing.

He says: “If First State does not put its concerns on its marketing literature then it cannot be very big on its radar. Yearsley&#39s only defence is inane comments which my 12-year-old son could see through.”

Yearsley says: “If he has not met the management how can he criticise the fund and its environmental policy? I think that ethical investors often cannot see the wood for the trees.”


Muddled thinking on making pension provision

I read with interest Richard Gillingham&#39s letter (Money Marketing, November 13) in response to Lorna Bourke&#39s article on pensions. The article referred to calculations carried out by actuaries at Mercer Human Resources which indicated that a pension fund of £180,000 needed to be accumulated by the age of 65 to provide the equivalent to the […]

Keir is joining Swip in UK equities investment role

Scottish Widows Investment Partnership has appointed David Keir as investment director UK equities. Keir is a chartered accountant and joins Swip from Edinburgh Fund Managers where he has been investment manager covering UK equities. He will take charge of retail and institutional business, including research, replacing Graham Campbell who left the firm to set up […]

&#39Focus on planning and delegate fund selection&#39

Independent insurance analyst Ned Cazalet believes the time has never been better for giving independent advice. In his Life 2003 report, Cazalet says an increasingly older and wealthier population means that, despite difficulties such as increasing regulatory costs and falling commission levels, there are great opportunities for IFAs. However, he says many IFAs have been […]

TV controversy brings surge of self-cert interest

Birmingham Midshires has seen an increase in self-cert enquiries after a recent BBC programme showed its brokers encouraging clients to falsify their incomes on applications. Midshires, which has suspended self-cert from its branches, says the programme has made borrowers more aware that self-cert is an option. The HBOS subsidiary is thought to be unlikely to […]


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