Fellowship fund relaxes ethical policy to open up new sectors

Premier Asset Management plans to relax the ethical policy on its £52m Fellowship fund to allow access to certain stock in previously vetoed sectors.

The changes would allow investment in sectors such as alcohol, as long they met other socially responsible criteria. At the moment the fund’s aims are to invest in companies with a responsible approach to management and make a positive contribution to society. This includes screening out tobacco, alcohol, gambling and armament stocks. However, manager Chris Wright says he wants to loosen the current stringent policy.  “When ethical funds launched in the 80s, they had a simple list of screening criteria and they wanted to improve management at a time when corporate governance was in...