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BNP Paribas Asset Management to divest tobacco from funds by end of year

BNP Paribas Asset Management will divest tobacco investments from its actively managed collective investment funds by the end of 2018, the money manager said in a news release Thursday.

The move​ by the money manager, which affects €228 billion ($283 billion) in assets, follows earlier exclusions of weapons and asbestos investments.

"We recognize the important role that long-term capital plays in tackling major global issues and with an increasing number of asset owners, insurers and pension funds excluding tobacco from their investments, we are taking into account growing international concerns about the risks posed by tobacco," CEO Frederic Janbon said in the news release.

Mr. Janbon added: "Our commitment to long-term investing remains resolute, and we will continue to represent the interests of our clients to the management teams of the companies in which we invest, to engage with them on the issues relevant to our investment cases and to uphold our active commitment to a more responsible economy."

BNP Paribas AM has €569 billion in assets under management. A spokesman could not be reached to provide additional details.

In November 2017, parent company BNP Paribas Group said it was planning to cease financing any investment activities related to tobacco companies.