Foresters Friendly appoints Axa IM for ESG drive

The mutual says it has been watching the growth of socially conscious investing across the industry

Axa Investment Managers has been appointed to run a £175m multi-asset mandate for Foresters Friendly Society as the mutual looks to integrate ESG considerations across its investment portfolio.

Foresters Friendly, which offers tax efficient savings, insurance and with-profits accounts, has been looking to enhance the social impact of its investments and believes this mandate will further improve its ESG credentials.

“We are pleased to have appointed Axa Investment Managers to manage our multi-asset mandate on behalf of our members,” said Rachel Hardy, finance director at Foresters Friendly Society.

“This appointment facilitates our expansion into ESG, which is an area of great importance across the investment industry as well as to our members whose interests are at the forefront of our services.”

Foresters said it has been taking a “keen interest” in the investment industry’s growing social conscience in recent years.

Axa portfolio manager Andrew Etherington will lead this latest mandate across non-profit, with-profits and unit linked funds.

“Being appointed by a historically important mutual such as Foresters Friendly Society is a great endorsement of our third party offering, and best in class insurance asset management capabilities,” said John Stainsby, Axa IM’s head of the UK Institutional Client Group.

“Today is an exciting time for UK mutuals as they look to innovate and grow their member base. We believe that Axa IM are well placed to support in this development. We look forward to working closely with the Foresters team and growing the relationship further.”