KEY POINTS:
KiwiSaver investors are to be offered access to global climate-change guru Al Gore's sustainable investment fund through ASB's managed fund arm.
The Global Sustainability Fund is managed by US firm Generation Investment Management, a company co-founded by Gore and former Goldman Sachs Asset Management head David Blood in 2004.
Its investment approach is that sustainability factors - including economic, health, environmental, social and governance factors - will ultimately drive a company's share price over time.
ASB Group Investments head of wholesale distribution Greg McAllister said the decision to offer the fund to New Zealanders was based on a growing appetite for responsible investment products and the success of its launch in Australia.
Last year ASB sister company First State Colonial began offering the fund to Australian investors, and McAllister said it had already attracted A$15 million.
In New Zealand, the fund will be offered under the ASB's FirstChoice KiwiSaver scheme.
Investors can choose to invest all their KiwiSaver money into the fund or apportion only part of it.
McAllister said the product was not suitable for all investors, one reason why it was not being marketed through the firm's branches.
"Individuals should either thoroughly research it or get independent advice before investing."
The fund is 100 per cent invested in global shares and sits at the higher-risk end. McAllister said it was difficult to predict what the take-up of the fund would be.
The fund is the third "responsible investment" product to be offered through KiwiSaver.
SuperLife started an ethical fund earlier this year, and Asteron also has an ethical fund which has been available since KiwiSaver went live in July.
The New Zealand head of the Australasian Responsible Investment Association, Rodger Spiller, said it was indicative of the growth of responsible investment in New Zealand.
Around $15 billion is currently considered to be invested in responsible investment products in New Zealand, of which $13 billion is attributed to the New Zealand Superannuation fund.
Last year the Government stipulated that all KiwiSaver providers must declare their policy on responsible investment from April 1.
