Europe’s main association for retail investors says members are largely being left in the dark as they try to figure out how a mass wave of ESG fund reclassifications will affect their savings.
Some of the world’s biggest asset managers spent the past several weeks removing the European Union’s top environmental, social and governance investing designation from funds, in response to stricter guidance from the EU Commission. Though some firms have notified clients, the industry’s approach has lacked consistency and transparency, according to Better Finance, which represents roughly 4 million financial services users across more than two dozen countries.
