Invesco’s prayers answered
Global investment managers Invesco have struck a deal with the Polish Catholic Church to run an ethical pension fund in Poland, giving the company access to the newly privatised retirement industry.
The deal, which involves the creation of a joint stock company, in which the church has a 20% stake, means that Invesco will leave fund distribution to the church while it manages assets on a strictly Catholic moral criteria of non-investment in weapons manufacturers, medical groups linked to abortion clinics or contraception, and pornographers.
Hubert Harris, CEO of Invesco Re-tirement and Benefit Services, says: “The catholic church in the country is extremely active and claims about 90% membership in the whole population, so this deal is extremely promising for both parties.
“We believe the joint venture will give us an excellent distribution reach, and we are expecting to have in the region of half a million Poles subscribing to the fund.
“On top of that we have the expertise to manage such ethical funds, which we already do elsewhere, but I think we also have to compound the distribution possibilities with the message that we can perform well for pension investment in Poland.
“Poles are looking for morally sound investments, but they do not want bad returns for their retirement fund either, and I think this partnership will satisfy both needs.”