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Asset Managers Halt Investments in BMW, Daimler, VW
Three large international financial consulting firms have suspended investments in German carmakers by some of their funds after the EU said it was investigating possible collusion among them, according to the Financial Times.
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Three large international financial consulting firms have suspended investments in German carmakers by some of their funds after the EU said it was investigating possible collusion among them, according to the Financial Times.
The London-based newspaper says Boston-based Acadian Asset Management and Vienna-based Erste Asset Management have temporarily black-listed all German carmakers for funds whose investment decision consider environmental and societal concerns.
Union Investment in Frankfurt, Germany’s third-largest fund manager, cites litigation risks as the reason for a ban on Daimler investments by its array of sustainable funds.
FT notes that other fund managers, including New York City-based Candriam and Deutsche Asset Management, say they are reviewing their automotive investments because of the cartel allegations. The EU says the German carmakers may have colluded on technology, components and suppliers.
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