Foxberry has launched the Foxberry Sustainability Consensus US Total Return Index and raised $550m into a new Legal & General ETF which tracks the index.
The ETF is listed on the London Stock Exchange under the tickers RIUS and RIUG. In addition, pension insurance company Varma made the $550m investment.
Timo Sallinen, head of listed securities, Varma said: “Sustainability is a global issue, and is at the core of Varma’s decision making process. We are therefore pleased to lead this expansion into the US markets.”
The Sustainability Consensus index offers exposure to US equities based on an exclusion methodology determined by the Sustainability Committee.
Asset owners with background in sustainability matters may be invited to join the committee – both Legal & General and Varma are committee members.
The Sustainability Committee can react quickly to market developments and arrive at a consensus position on matters of responsible investment, through the experience of its members.
The aim of this combined expertise seeks to ‘future-proof’ the index by being able to react to emergent issues.
Henrik Brunlid, Foxberry CEO, said: “Helping our clients to achieve their sustainability investment objectives remains a key focus area for us. Expanding the Sustainability Consensus offering into the US markets is a natural progression, as we continue the build-out of our sustainability analytics platform and index offering.”
Howie Li, head of ETFs, Legal & General Investment Management, said: “LGIM is excited to be expanding the Responsible Exclusions fund range by offering investors access to both European and US exposures.
“Investing sustainably is the heart of our investment philosophy and, together with Foxberry, we are proud of the shared commitment we have with our investors in this range. We believe that the joint expertise of dedicated experts will provide more investors with the ability to invest dynamically and transparently as the responsible investment landscape evolves.”