Page 25 - ARUBA TODAY

BUSINESS Monday 29 January 2018
A25

Of Mutual Interest:
Socially responsible investing gets a huge Trump bump

By STAN CHOE ments include a fund that when making their deci-
AP Business Writer holds stocks in companies sions, not just their share-
NEW YORK (AP) — Decades where women are well rep- holders and the next quar-
after she began investing, resented on the board and ter's results. And Wall Street
Diana Casey for the first in executive offices. is pushing them further
time put money in mutual Others have made a similar along that path.
funds that favor companies move, defying predictions The CEO of BlackRock,
with women in corner of- that a Trump White House the world's largest invest-
fices and otherwise aim to would have a chilling ef- ment firm, sent a letter this
invest in a socially respon- fect on the socially respon- month to his counterparts
sible way. Her inspiration? sible investing industry. Last at the largest publicly trad-
President Donald Trump. year, investors plugged ed companies telling them
A 49-year-old lawyer, she $6.4 billion into socially re- that "to prosper over time,
was turned off when then- sponsible mutual funds and every company must not
candidate Trump insinu- exchange-traded funds, only deliver financial per-
ated the judge overseeing according to Jon Hale, Specialist John McNierney, right, works with traders Richard formance, but also show
a lawsuit against Trump head of sustainable invest- Scardino, left, and Patrick Casey on the floor of the New York how it makes a positive
Stock Exchange. After Trump won the White House, expecta-
University may be biased ing research at Morning- tions rose that interest would wither for environmentally friendly contribution to society."
because of his Mexican star. That's up 10 percent mutual funds and other socially responsible investments. In- That’s what Judie Lincer,
heritage. Judge Gonzalo from 2016, and more than stead, it has kept climbing as investors say they want more con- a 55-year-old naturalist
Curiel is based in San Di- triple the rate of 2015. trol over where their money is invested. educator, wanted to see
ego, Casey's hometown, The industry was already (AP Photo/Richard Drew) when she moved about 40
and the legal community enjoying accelerating sible investments, and the social and corporate-gov- percent of her investments
there is close. She also was growth before Trump, and industry launched 39 mutu- ernance policies can have into socially responsible
saddened by comments investment companies al funds and ETFs last year, fewer incidents that can funds following the elec-
Trump made about wom- were rushing to open new a record, said Hale. "More lead to sharp drops in stock tion. She said she wanted
en, the disabled and other funds that consider "envi- and more products are out price, such as an environ- her investments to be true
groups of people. After ronmental, social and gov- there now, and everything mental disaster or business- to her goals for the envi-
Trump captured the White ernance" issues to tap into is poised to see ongoing practice scandal. ronment, particularly when
House, Casey was feeling the demand. The term has growth," he said. "I do think we're at a mo- the White House is rolling
disgusted. become so widespread Because much of the in- ment where the whole back environmental regu-
"It really flicked a switch that many funds simply dustry is so young, many notion of the corpora- lations. Lincer would have
that I need to be more in- put "ESG" in their names for funds have limited track tion is changing," said Joe preferred to move 100
volved and do more to get shorthand. records for measuring per- Keefe, chief executive of percent, but her husband,
our country back on track," After Trump's election, formance. One stereotype Pax World Funds, which an environmental scien-
Casey said. "To me, that though, the expectation says that socially respon- launched the country's first tist, wanted to keep some
meant paying attention to was that a Republican-led sible investors need to sac- socially responsible mutual money with their longtime
where I put my money." Washington would enact rifice returns, but studies by fund in 1971 and now man- financial adviser, who had
Using cash that was sitting in policies at odds with ESG Morningstar, Morgan Stan- ages about $4.7 billion. "I them in traditional invest-
the bank, and shifting some funds. It would favor the ley and others in recent think companies under- ments and had delivered
funds in her Individual Re- coal and oil industries, for years have disputed that. stand that customers have solid returns. Now that she’s
tirement Account, Casey example, which would un- Researchers say that stocks the expectation that the a year into her foray in so-
reconfigured her portfolio dercut profits for the renew- of companies that score company stand for some- cially responsible investing,
so that she now has about able energy companies at well on gender diversity thing, has values." does she feel like it’s had
a third of her investments in the heart of many environ- have historically generated Companies are increas- any effect?
socially responsible funds, mentally focused funds. slightly better returns, for ingly taking their custom- “I would say yes,” she said.
up from zero before Trump Instead, dollars continued example. And companies ers, employees and com- q
was elected. Those invest- to flow into socially respon- with strong environmental, munities into consideration

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