The A$15 billion (US$10.25 billion) First State Superannuation fund will roll out a new socially responsible investment option for members in the second quarter and has hired two Australian equities managers to provide the product.
Michael Dwyer, CEO of First State Super, declined to name the managers until members had been notified.
The SRI option will be rolled out to members in May, and will be added to the 10 options now offered by the fund, which include four premixed and six individual asset class options.
Mr. Dwyer said more than 300 members had expressed an interest in the option, which was highlighted in the newsletter that accompanied members’ semiannual statements.
The option was being introduced in response to growing demand from members for SRI.
“We research our members regularly, and over time, there’s been a growing interest in this area of socially responsible investing,” he said.
“When we asked members whether they would like an investment product focused on the area of sustainable investing, the answer was yes. We’ve now got to a stage where we’re going to launch that product.”
Kristin Paech is a reporter with Investment & Technology newspaper in Sydney.