SRI investing finds foothold in Central and Eastern EuropeOctober 2008
The first SRI fund concentrating on central and eastern European equities has been established by Limestone Investment Management, which has headquarters in Estonia.
The New Europe Socially Responsible Fund will use analysis from the Stockholm-based research agency GES Investment Services.
Veronika Juchnewitsch, Limestone’s head of SRI investments, said the fund would invest in a ‘new and important market overlooked by the SRI community’. She believes the region is a ‘fertile ground for corporate social responsibility to flourish’, because business customers in Western Europe and the US are now demanding higher standards from their supply chains in the region.
The fund will not invest in Russian equities, but will cover 250 of the largest companies in the former communist bloc. It will make efforts to engage with companies, although those with ‘significant revenues’ from alcohol, tobacco, weaponry and gambling will be excluded.
Limestone is a specialist equity fund manager founded in 2007 and owned by its managers.
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