Ethical stock market investment will account for about 90 per cent of the fund, and the other 10 per cent will be placed on deposit with the bank and ultimately lent to ethical projects.
Mercury Provident was launched in 1974 and now has assets of pounds 7.5m and about 900 depositors. The bank is planning a family of specialist investment funds, probably kicking off with a Wind Energy Fund and an Organic Agricultural Fund early next year. Pension plan holders will be able to transfer some of their investments to these funds.
All Stock Exchange holdings will be screened to ensure that there are no investments in ethically questionable products such as alcohol, tobacco or armaments.
The money will be lent out to organic farms, charities, wind farms, natural medicine schemes and the like. Funds will be managed by Duncan Lawrie.
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