Friday, July 08, 2005

Quaker History/Business


Why the saints may beat the sinners


Times Online/
London/England/UK/3-Jul-05

While Party Gaming was being prepared for its debut last month, ethical investing came of age as the first ethical fund, Friends Provident Stewardship Growth — now F&C Stewardship Growth — celebrated its 21st anniversary. Since its launch, it has turned £100 into £909, while the FTSE All-Share has turned £100 into only £400. Julia Dreblow of Friends Provident said: “Ours was originally a Quaker company that avoided investing in ‘sin’ stocks. However, in the late 1970s we decided to take a more mainstream approach. Launching an ethical fund seemed a good way to appease those customers upset by the change.” The fund was initially viewed with suspicion. Amanda Davidson of John Scott & Partners, an adviser, said: “When it was first launched in June 1984, the Stewardship scheme was known as the Brazil fund because people thought you would have to be nuts to invest in it.” Since then, however, ethical investing has burgeoned and the F&C Stewardship fund is now worth more than £600m. Enthusiasts claim that, now more than ever, you do not have to compromise your principles in order to make a profit.

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