NORWAY- Storebrand, one of Norway’s largest insurers, is adding to its family of socially responsible funds with the launch of Storebrand Global SRI. The new fund complements the insurer’s four Luxembourg-based ‘principle funds’, each of which is subjected to positive screening.
The decision to launch Global SRI fund follows increasing demand in Norway, particularly from municipalities, for socially responsible products. Storebrand already has a global, a European, a UK and a european bond SRI fund along with Storebrand WWF, a venture with the world wildlife fund. The new fund differs from the others in that it is denominated in Norwegian Krone opposed to being registered in Luxembourg.
Screening for the fund means investing in the top 30% of companies in each sector and, in response to instructions from the municipalities, shunning companies with poor human rights records, and those involved in the tobacco or landmine industry. Companies generating more than 10% in sales from alcohol will also be avoided.
A spokeswoman says the fund will start with a modest NKr100m (e13m) but that this is expected to rise to NKr400m by the end of the year.