KiwiSaver providers are cutting back on harmful investments, as larger fund managers begin to follow the lead of their smaller counterparts.
Analysis by ethical investment charity Mindful Money, showed investment in harmful products fell by about $800 million in the six months ended September 2023, to $7.9 billion.
Mindful Money said it was the biggest fall since the charity started to track ethical investment five years ago.
It said until recently, the shift towards ethical investment had come from small and medium-sized funds, including Pathfinder, Medical Assurance Society, Simplicity and Always Ethical.
But in the latest recorded period, major players had significantly cut back on harmful investment. Read more