A second big European fund manager in less than a week has distanced itself from investing in tobacco stocks, citing concerns about public health and the "substantial" associated economic cost. BNP Paribas Asset Management today said its €228bn mutual fund business would sell all positions in companies operating in the tobacco sector by the end of 2018. This...
BNP Paribas Asset Management announced its € 228bn ( $ 500 m ) mutual fund business will stop investing in tobacco stocks , selling all positions in the sector by the end of the year . However , a spokesman said the move would not extend to its entire range of funds . The asset manager 's strategy follows a similar move by Dutch fund manager Robeco , also considering dropping its investments in tobacco companies because pension scheme trustees are concerned about holding such stocks . Potential for investors to take legal action against trustees over the damage that trustee suffered is also a concern .