The U.K.’s new national pension scheme has awarded Islamic and ethical portfolios to HSBC and F&C, Reuters reports. The National Employment Savings Trust (NEST) will offer the two portfolios, among others, when it launches next year.
The NEST Sharia fund will be 100% invested in the HSBC Life Amanah Pension Fund. The contributions of those wishing to invest in a portfolio which considers issues such as employment practices, human rights and the environment, will be paid into F&C’s Stewardship International Fund. NEST has already appointed UBS, BlackRock and State Street to run global equity, bond, cash and U.K. sovereign debt.
Click here for the story from Reuters.