LONDON (Reuters) - Asset manager Candriam, part of New York Life Company, said on Wednesday it would exclude companies with more than a 10 percent exposure to thermal coal or tobacco from all of its funds by Dec. 31.
Candriam, which manages 113 billion euros ($130.98 billion) in assets, already excludes them from funds which explicitly aim to invest in a socially responsible manner, covering around 30 billion euros, but will now extend the policy to cover the rest of its assets.
The ban also covers companies launching new coal projects as well as tobacco companies and their suppliers, it said.
“Coal is the most polluting energy source and the first stranded asset in an energy transition pathway, while the harmful effects of tobacco are increasingly exposed,” Candriam Chief Executive Naim Abou-Jaoude said.
“We recognize the important role asset managers play in tackling major global issues such as health and climate.”
($1 = 0.8627 euros)
Reporting by Simon Jessop; editing by Clara Denina