We have put in place a specific sustainable investment process for our money-market funds, adapted to this type of management. Indeed, money-market management is facing several constraints like a small number of issuers, securities with very short-term maturities that are creating a gap between the investment time-horizon of such funds and the ESG issues time-horizon.
Our ESG investment process is formalized through two approaches:
- Systematic exclusions of complex securitizations and issuers registered in tax havens
- Definition of eligible issuers: the authorisation to buy issuers on our List of Major ESG Risks is limited to securities that have a maurity shorter than one year, and authorisation cannot be given to issuers with a negative global recommendation from our research analysts. ESG is taken into account through our integrated research: recommendation is given after a financial and non-financial analysis.