Top UK fund manager divests from fossil fuels
by Patrick Collinson from on (#2PFZ5)
Archbishop of Canterbury plays crucial role in BMO Global Asset Management's decision to dump 20m of shares in firms such as BHP Billiton
One of Britain's biggest managers of ethical funds is to dump 20m of shares in fossil fuel companies in one of the biggest divestments so far because of climate change.
Shares in BHP Billiton, the Anglo-Australian mining giant, will be among those sold by BMO Global Asset Management's range of "responsible" funds, which manage 1.5bn of assets. They were previously known as the "stewardship" funds, the first ethical funds launched in Britain.
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