Green Century Capital Management hired Northern Trust Global Investments to subadvise the $50 million Green Century Equity fund, confirmed Erin Gray, manager of marketing and strategic analysis at Green Century.
Northern Trust replaces Mellon Capital Management as subadviser of the passive offering, which aims to track the MSCI KLD 400 Social index, comprising stocks of 400 companies selected using environmental and social criteria.
Ms. Gray said while Mellon Capital did a “great job” overseeing the fund for the past three years, Northern Trust’s focus on the ESG sector, where it manages more than $14 billion in assets, made it the right manager to build the fund going forward.
Mellon spokesman Mike Dunn declined to comment.
