M&G to launch £5bn fund to invest in green firms
John Foley: green plans (pic: Terry Murden)
M&G, one of Britain’s biggest investment managers, is expected to unveil a £5 billion fund to invest in firms developing green and sustainable technologies.
The project, code-named Catalyst, will sit inside M&G’s £50 billion Pru Fund, which has five million worldwide customers.
It is understood the new fund forms part of a strategy by M&G chief executive John Foley to put the firm’s £339 billion of assets under management on a more sustainable basis.
M&G was split from the Prudential in 2019, maintaining responsibility not just for the M&G branded retail funds, but also the actively managed Pru Fund as well as legacy life insurance and pensions assets.
The new fund is due to be unveiled to retail and institutional investors today as the company sets out its move towards environmental, social and governance (ESG) investing.
It will be ‘UK focused’, according to the Daily Mail, to build on Boris Johnson’s environmental initiatives, but it will also seek out green investment opportunities globally. To that end it will be opening offices in Singapore, Mumbai and New York with the aim of finding promising technologies overseas.
Mr Foley also views sustainable social housing projects as a potential source for future investment.
M&G has 6,000 staff worldwide, including 1,300 in Scotland, and last week announced plans for a replacement office in Stirling.