UK/NORDICS- Scottish Widows Investment Partnership (SWIP) is launching a new global SRI equity fund in direct response to demand from the institutional investment community in Sweden.

SWIP’s new global fund adds to its European SRI equity fund it launched earlier this year. It will be a new sub-fund of the SWIP open ended investment company which is registered in a number of European countries.

The new fund is using an approach similar to that used by Sweden’s national AP7 fund and based on a number of United Nations conventions. SWIP says such an approach will ensure consistency and uniformity to the screening process.

Peter Norman, executive director of the 7th AP fund said: “this initiative will provide a much needed opportunity for Swedish institutional investors to gain access to world markets in a socially responsible way.”

Chris Walker, head of institutional business at SWIP, said: “at a time when corporate ethics have moved centre stage, we believe this new fund will be very important. Our strong research driven process and the successful launch of the pan European SRI fund have generated many requests for a global SRI fund.”

SWIP is working with Intervalor, a small Stockholm-based group that offers marketing, sales and customer support in the Nordic region, in promoting the product.

SWIP, which is a subsidiary of Lloyds TSB, has £78bn under management.