New Zealand-based Pathfinder Asset Management has selected Nordea Asset Management to sub-manage its responsible investment fund and global water fund. The two mandates awarded by the Kiwi ethical fund manager mark Nordea’s entry into the New Zealand market.
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Pathfinder’s global responsible investment fund is a high risk offering with medium-high return potential. It has delivered annual returns at an average rate of 10.3% since inception in 2017. The water fund, an older offering, has returned an average of 8.38% since its inception in 2010.
According to a statement from Nordea, the selection process evaluated over 70 fund managers based on sustainable and ethical investment criteria.
“We selected Nordea Asset Management for their world-class quantitative and responsible investment expertise”, explained Pathfinder Asset Management’s chief executive John Berry.
Nordea AM’s diversified equity team will manage these mandates through the firm’s ‘BetaPlus’ strategies. Currently, these active strategies that combine quantitative portfolio construction with sustainability integration cover $93bn (€80bn) in assets under management.
Nordea AM’s global head of distribution Christophe Girondel says the strategies provide alignment with Pathfinder.
“Pathfinder’s strong commitment to ethical and ESG investing aligns closely with our own philosophy, and together we’re bringing a differentiated BetaPlus framework that blends alpha generation and risk management with sustainability integration”, he says.
According to disclosures, Nordea frames BetaPlus as ‘the active answer to passive’. These strategies, first launched in 2018, target excess gross returns of 0.5% per year whilst maintaining a low tracking error. The value of the mandates was not undisclosed.
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