October 25, 2018
DUE DILIGENCE Alert: LOW
COMPETITIVE Alert: 1
Event: New European ESG fund from Spanish insurer, Mapfre.
Briefing Points: i) The Spanish insurance company, Mapfre, has opened a new ESG-responsible fund with an emphasis on capital preservation, ii) The new Luxembourg domiciled fund, which is part of a new line of Mapfre ESG investment products, will invest in stocks and bonds of European companies with strong ESG records, and iii) The fund will mainly be sold to retail investors in Spain and France as well as, international investors.
Affected Fund(s): Mapfre Capital Responsibility Fund
Asset Classes: Non-US Equities and Fixed Income
Management Company: Mapre Asset Management (Spain)
DD Concern: New untested mandate
Marketing Considerations: There is little near- or mid-term concern for the domestic market. The interesting aspect is that the new fund reflects yet another entrant into the ESG fund space even as its offering is fairly localized in its targeted market.