A piece of research from Gina’s Miller’s firm, SCM Direct, has urged regulator action on the issue of “greenwashing” in the investment management sector.
SCM’s report said some funds appeared to be misclassified as having an ethical focus, whilst various other “ethical” funds were found to be investing material amounts in tobacco, alcohol, gambling, and defence stocks.
L&G Future World ESG UK Index fund was 11.4 percent comprised such stocks, while Vanguard’s SRI European Stock Fund held 5.7 in alcohol, gaming and defence (correct at 31 August according to Bloomberg).
Other strategies were ...
