Nordea Asset Management has realigned its diversity fund to expand its investment universe and focus on engagements.
The fund’s name was changed to reflect the new focus to Nordea 1 – Global Diversity Engagement Fund.
This was driven by societal demand for change in relation to improving diversity and inclusion (D&I) evolving beyond gender representation and the complexity of D&I issues revealed by progressing diversity data disclosure.
Nordea said that by extending the global strategy’s investment universe to include additional D&I factors it aims to capture a broader range of companies in the early stages of D&I development.
Portfolio managers Julie Bech and Audhild Aabø will continue to manage the expanded portfolio, with engagement as a core component of their investment strategy.
Nordea added that portfolio managers will draw upon the extensive engagement expertise and insights of the company’s Responsible Investment Team, which has been supporting investment-led and thematic engagement on ESG issues for almost 15 years.
This is Nordea’s second thematic ESG strategy with engagement as a defined element of the investment process, following the launch of Nordea 1 – Global Climate Engagement Fund in April last year.
Julie Bech, co-manager of Nordea 1 - Global Diversity Engagement Fund, said: “Expanding the investment focus of this fund gives us a broader scope, which translates into broader impact. The refocusing also allows us to place a stronger emphasis on engagement in order to drive both alpha and social change.”
The move comes just a week after Nordea announced its participation as a cofounder in the Diversity Project Europe (DPE), a cross-border and cross-company initiative aiming to pave the way towards a more inclusive asset management industry across Europe.
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