ESG fund closures in US outpace launches for first time since 2020 - Morningstar
© Reuters. FILE PHOTO: Traders work on the floor at the New York Stock Exchange in New York City, U.S., October 23, 2023. REUTERS/Brendan McDermidNEW YORK - Money managers in the United States have closed funds with sustainability mandates faster than they opened new ones over the past three months as investor appetite waned for the asset class overall, data firm Morningstar said on Monday.
"For the first time in recent history, sustainable fund departures outpaced arrivals" in the three months September, Chicago-based researcher Alyssa Stankiewicz wrote. Morningstar's definition includes open-ended and exchange-traded vehicles with a"clear and prominent commitment" to sustainability, impact or environmental, social and governance factors.
Investors pulled money out of U.S. funds in general in the period, but sustainable funds fared worse than conventional peers, registering their fourth consecutive quarter of outflows for a contraction of 0.85% versus 0.02% for the total fund universe. More conventional funds were launched than closed in the third quarter.
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