By: Luke Jones, Published on May 22, 2017 09:19 AM, Last Update on May 21, 2017 03:20 PM
American International Group (AIG) is targeting a new group of customers who want to avoid investments in the arm industry, alcohol management, and nuclear energy. The company announced Thursday a new dividend mutual fund.
The environmental, social and governance (ESG) Dividend Fund is being offered by AIG subsidiary SunAmerica Asset Management LLC.
The New York City-based provider says eligibility for the fund “excludes companies that, among other things, are significantly engaged in: the manufacture or distribution of alcoholic beverages, tobacco products, or military weapons; the production of nuclear energy; or the operation of gambling-related businesses,” AIG said in a release.
Customers interested in the mutual fund will get up to 40 stocks to pay dividend to owners.
“Unlike some other socially conscious funds, the AIG ESG Dividend Fund invests in many types of businesses – even utility and energy companies – provided those companies perform well on ESG criteria,” AIG said in a release.
AIG “has aspired to be both a leader in the insurance industry and a responsible corporate citizen,” wrote Peter Hancock, then chief executive officer of AIG, in its 2015 corporate citizenship report.
Hancock has recently stepped aside from AIG, resigning as CEO after failing to steer the company through turbulent times. He has since been replaced by Brian Duperreault.