Legal & General Investment Management (LGIM) will rename its L&G Ethical Trust and switch its benchmark to give the passive vehicle a global equity remit.
The fund will be renamed the Legal & General MSCI World Socially Responsible Investment Index fund and track the MSCI World SRI index, as of today (28 January). LGIM told Investment Week it had considered alternative ways to manage the fund to better meet its ethical mandate, having identified the problem in its assessment of value. The £292.5m fund formerly tracked the FTSE 350 index, excluding shares of companies that do not meet the ethical screening methodology detailed in its prospectus. In its April AoV, LGIM noted that the FTSE 350 held a number of companies excluded by the fun...
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