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ESG investing is heading for a reckoning: Veteran manager

BNN: 'The ESG investment industry may be headed for a reckoning and many companies won’t survive this period of higher interest rates. That’s according to James Penny, who’s been running ethically focused funds for about a decade and is currently the London-based chief investment officer at TAM Asset Management.

'He predicted that several companies owned by ethically focused funds will struggle to refinance their debt, without naming any specific firms. “A lot of ESG companies out there that probably can’t survive with interest rates going where they are,” Penny said in an interview. “There will be ESG companies that will go to the wall because of this market.”'

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