PARIS, April 25 (Reuters) - The asset management arm of the French insurer AXA plans to cut the amount it invests for clients in the coal industry worth 177 million euros ($192.72 million).
The decision of AXA IM, which manages 714 billion euros of assets, comes on top of the group’s announcement in 2015 that it would cut its exposure to the coal industry to the tune of 500 million euros.
AXA IM plans to pull out of companies that derive more than half of their revenue from coal-related activities.
“The decision means AXA IM will be divesting approximately 165 million euros of fixed income portfolios and 12 million euros of equities portfolios,” AXA IM said, adding that clients may choose to opt out of this policy should they wish so. ($1 = 0.9184 euros) (Reporting by Gus Trompiz, writing by Maya Nikolaeva,; editing by Louise Heavens)