AMP to exclude direct investments in gun manufacturers

by Krizzel Canlas15 Apr 2019

AMP New Zealand has announced that it is excluding any direct investments in companies that are associated with the manufacturing of firearms.

The announcement follows the passage of a new gun law that bans certain semi-automatic weapons, magazines, and related components in the wake of the terrorist shooting in Christchurch. According to AMP chief client officer Jeff Ruscoe, the move is also consistent with AMP’s responsible investment philosophy, which excludes investments in a range of companies on moral and ethical grounds.

Read more: AMP emphasises good conduct commitment following results

“Like other KiwiSaver providers who invest through a range of underlying fund managers, AMP has indirect investments in some large global companies, including very small holdings in some civilian weapons manufacturers,” Ruscoe said.

“This is always under review to ensure investments continue to reflect AMP’s clients’ and community’s values, as evidenced by the action we have taken today.”

“We are moving quickly to complete the divestment as soon as possible.”

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