Marks & Spencer Money launches new ethical fund
M&S Money has launched a new ethical fund, designed specifically for customers who want to invest their money with the same principles they apply to other areas of their life. Recent research indicates more than one in five (22%) investors now consider ethical investment when choosing a fund and see it as a mainstream option*.
The M&S Ethical Fund, which can be sheltered within the tax-efficient** ISA wrapper, will seek to provide investors with long term capital growth by investing in predominantly UK companies that meet the social, environmental and ethical criteria defined in the investment policy. The aim is to invest in companies that make a positive contribution to the community or environment. It will avoid investing in companies that have a poor environmental record or are primarily involved in*** the following activities; armaments, gambling, the fur trade, tobacco, and pornography.
The fund will also avoid investing in companies that conduct or commission animal testing for cosmetic or toiletry purposes or make use of child labour.
M&S Money have chosen two expert fund managers to manage the Fund, namely Jupiter Asset Management Limited and Sinopia Asset Management (UK) Limited, which is a specialist fund manager within the HSBC Group.
Brendan Cook, chief executive of M&S Money, commented, "Our saving and spending decisions are increasingly influenced by a desire to take personal responsibility for our impact on society and the environment which is why we are launching a new ethical investment product”.
Notes to Editors:
* Research conducted by GfK NOP during October 2006.
**The tax benefits provided by an ISA are subject to government legislation and may change in the future.
*** A company that derives over 10% of its turnover from any one of these activities will not be invested in.
About M&S Money:
M&S Money (originally called Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top ten credit card provider and the second largest travel money retailer in the UK. M&S Money also offers travel insurance and insurance for homes, cars, pets and weddings, as well as loans, savings and investments such as a stock and shares ISA.
In November 2004, Marks & Spencer sold M&S Money to HSBC, one of the world’s largest banking and financial services organisations with over 9,500 offices in 85 countries and territories. The business continues to operate under the M&S Money brand, with an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.
The company employs 1,200 staff at its headquarters in Chester, delivering personal financial services to its customers, reflecting the core values of Marks & Spencer - quality, value, service, innovation and trust.
M&S Money PR Contact:
Marks & Spencer Money
01244 686 068
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- Marks & Spencer Money
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