The Dioceses of France Gamble on Ethical Financing

Source: FSSPX News

The Bishops’ Conference of France (Cef) and Allianz Global Investors (AGI) jointly announced, on September 17, 2019, the opening of the Ethica equity fund to all investors, in order to encourage financial investments consistent with the principles of the social doctrine of the Catholic Church.

AGI and the French episcopate announced the creation of new shares in the Ethica fund, henceforth meant for all investors.

“We are targeting Catholic investors, individuals and legal entities (Catholic movements and associations, congregations, etc.), but we also want to make it accessible to all equity investors to show them the whole point of the Church’s social doctrine,” explains Ambroise Laurent, deputy secretary general of CEF.

Ethica was launched in 2008, for the exclusive use of the dioceses of France wishing to diversify their investments according to the principles of the social doctrine of the Church. Specifically, it is to apply specific filters excluding any investment in companies financing pornography, gambling, or disrespectful of labor rights.

With more than € 80 million under management, the Ethica fund has a solid performance history: Christine Clet-Messadi, fund manger at AGI, is pleased to say, “We have found that ethical criteria, far from affecting performance, contributes to the performance of Ethica.” 

Something to give a posthumous lesson to the founder of anarchy, Bakunin, who wrote: “Catholicism is the impoverishment of humanity."