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UK’s biggest fund manager criticised over inclusion of stocks such as Shell

The UK’s biggest fund manager has bowed to client pressure and agreed to launch its first fossil fuel-free ethical pension fund later this year.

Legal & General Investment Management (LGIM), which has been one of the most outspoken fund managers over the climate crisis, made the decision after a number of clients raised concerns that stocks such as Shell were still being included in its range of ethical funds.

Those clients include PensionBee – an online pension provider that handles £750m-worth of client assets for more than 75,000 customers – which is expected to be among the new fund’s first investors.

It wrote to LGIM last year after being inundated with questions from its own customers about the fact that Shell was among the top 10 holdings in one of the investment firm’s ethically focused Future World funds.

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