Dexia Asset Management, one of the pioneers of responsible investing in Europe with some €18bn of socially responsible investing (SRI) funds under management, is facing an uncertain future as its parent, Franco-Belgian bank Dexia faces imminent break-up.
The Financial Times and Bloomberg News have reported that Dexia’s board has agreed a plan to put the division up for sale to finance its portfolio of “souring” sovereign and sub-sovereign debt.
Dexia AM, a founding signatory of the United Nations-backed Principles for Responsible Investment, has a6% share of all European SRI open-ended funds, according to Lipper.
Its SRI assets under management represent 22% of its total AUM of €86.4bn, according to its most recent figures. It launched its first SRI fund in 1996 and unveiled the Dexia Sustainable fund range four years later. Last year it integrated the SRI approach within indexed management.
In August Dexia AM, led by Naïm Abou-Jaoudé, Chairman of the Executive Committee, signed up to the European SRI transparency code. The firm has actively exercised voting rights for clients since 2004.