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Kempen Capital Management to divest tobacco investments

Kempen Capital Management will exclude all tobacco investments from its strategies by the end of the year.

The money manager, which has €59.9 billion ($70.2 billion) in assets under management, will exclude tobacco from equity and fixed-income strategies. The decision does not apply to multimanager funds and other client-specific allocations.

The value of assets to which the changes apply was not available.

"Sustainable investing is of essential importance to us as engaged shareholders with a long-term focus," said Lars Dijkstra, chief investment officer of Kempen, in a news release. "We want to contribute to positive change, and excluding the tobacco industry from our investment funds is an excellent step in the right direction."