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."
