UBS excludes Exxon Mobil from climate funds

Business

UBS Asset Management has excluded Exxon Mobil (XOM.N) and four other “unresponsive” energy companies from its climate aware range of funds, including one managed for UK pension scheme NEST, the firms said on Monday.

The asset management arm of UBS also divested from Imperial Oil, Kepco, Marathon Oil and Power Assets following a three-year engagement programme with 49 oil and gas companies identified as lagging on climate change performance, the firms said in a statement.

The exclusions also apply to UBS’ actively-managed equity and fixed income sustainability funds.