ESG & Investing
Pictet Says $14 Billion of Funds to Lose Top ESG Designation
- Firm was among the biggest Article 9 managers at end-October
- Pictet joins BlackRock, Amundi, BNP as downgrades spread
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One of the world’s biggest managers of top-ranked ESG funds as defined under European rules is stripping the classification from roughly $14 billion of client savings.
The investment arm of Banque Pictet & Cie SA will remove the EU’s so-called Article 9 designation from four thematic equity funds, it said in an email on Friday. Instead, they’ll be registered under the less stringent environmental, social and governance (ESG) designation of Article 8, it said.