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September 20, 2001 at 08:00 PM
What If Clients Want Funds That Screen For Cruelty To Animals?
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Financial advisors still have a hard time finding mutual funds for clients who shun cruelty to animals.
At many socially conscious funds, “there are some basic animal rights screens, but they tend to be rather loose,” according to Eric Packer, a registered principal in the Wellesley, Mass., office of Progressive Asset Management Inc., a unit of Financial West Group Inc.
Some fund managers, for example, avoid companies that use animals in testing of cosmetics, but accept companies that use animals in testing of drugs, Packer says.
People for the Ethical Treatment for Animals, Norfolk, Va., recommends setting stricter limits. Supporters should avoid funds that invest in pharmaceutical companies or other companies that use animals in any kind of research, including medical research, PETA says.
Investment guidelines posted on the PETA Web site advise supporters to investigate carefully if the holdings listed in a fund company prospectus include stock in mining companies, food production companies or other companies that might hurt or exploit animals.
“You can also let mutual fund companies know that you would be willing to invest more in their funds if they tightened their screening requirements and expanded the types of cruelty covered in their screens,” PETA says.
Pure cruelty-free plays are scarce.
