ANZ has launched a new fund which excludes investments in companies involved in weapons and tobacco trade.
An investigation by the New Zealand Herald and Radio NZ last year found millions of New Zealanders had unwittingly invested in tobacco and weapons companies through KiwiSaver, sparking a public outcry and puttingpressure on banks to review their investments.
ANZ's wealth managing director Craig Mulholland said the new international equities fund was tailored to reflect the changing view of New Zealanders on responsible investing.
"We recognise that investor attitudes to responsible investing will continue to evolve," Mulholland said.
"By having our own fund, under our own control, we will be able to respond quickly to any changes in investor sentiment, adding or divesting investments as appropriate," he said.
"As the largest fund manager in New Zealand, we have the scale and expertise to design and manage our own standalone funds rather than having to rely on others."
Mulholland said in addition, the ANZ fund based in New Zealand was more tax effective than overseas-based funds for its members which would help boost investment returns.
He said the bank had made the conscious decision to design its own fund rather than invest in international investment solutions.
