SWEDEN – The 364 million euro Swedish Foundation for Strategic Environmental Research, or Mistra, has awarded T. Rowe Price a 100 million kronor (10.9 million euro) mandate to manage the 10%-20% of its US and European shares that are selected using ethical criteria.

Mistra’s managing director Mans Lonnroth told IPE Newsline that the mandate was worth “100 million Swedish”.

The foundation has also taken on Innovest Strategic Value Advisors to evaluate the stocks. “We prefer to take a positive approach to environmental screening where best in sector companies are selected and Innovest has developed a screening methodology that we find appealing,” Lonnroth said in a news release.

“This, together with the positive experience we have of T. Rowe Price’s fund management, determined our choice.”

T. Rowe Price, which has been managing Mistra assets for several years, said the new mandate follows the T. Rowe Price Global Clean Future Fund. This fund consists of companies that demonstrate above average environmental credentials, large-cap companies in low environmental impact industries, and companies developing pro-environmental technology.

T. Rowe Price manages more than 131.6 billion dollars in assets.