Nordea Asset Management (NAM) is soft closing its award-winning Nordea 1 – Global Climate and Environment Fund, effective 26 February 2021.
The reason behind the soft closure has been the rapid growth of the fund. Its size has more than doubled compared to a year ago and assets have grown by more than 500 per cent within the last two years – reaching a total size of more than EUR6 billion at the end of January 2021. The decision was made in the best interests of existing shareholders in the fund, so they can continue to benefit from future return opportunities.
“We have been truly humbled by the trust that investors around the globe have placed in both Nordea and our Global Climate and Environment solution. Protecting our clients’ interests remains our top priority,” says Thomas Sørensen, co-manager of the fund.
The fund was launched more than 12 years ago and was one of the concrete steps taken by NAM shortly after signing the UNPRI in 2007. NAM’s Fundamental Equities Team, which manages the fund, has since then expanded its range of ESG focus solutions, inaugurating its STARS family in 2011. Today, the Fundamental Equities Team is entirely focused on ESG solutions and manages assets in excess of EUR20 billion.
Leveraging the longstanding expertise of the Fundamental Equities Team in ESG, in December last year NAM launched the Global Social Empowerment Strategy, an ESG thematic global equity product. Co-managed by Thomas Sørensen and Olutayo Osunkunle, the strategy targets the social component (‘S’) in ESG investing. This solution focuses on selecting businesses that provide social solutions, create a positive impact, and generate sustainable shareholder value.
