Monday 11 December 2017

LGBT-friendly wealth management company targets Irish customers

Tim Cook, CEO of Apple, had said the result of the same-sex marriage referendum would attract more foreign direct investment to Ireland
Tim Cook, CEO of Apple, had said the result of the same-sex marriage referendum would attract more foreign direct investment to Ireland
Gavin McLoughlin

Gavin McLoughlin

A newly-launched wealth-management firm is targeting Irish customers as it seeks to offer LGBT-friendly wealth management.

Equality Capital, based in London, said it was screening its investments to make sure clients are only investing in LGBT-friendly countries. The move is one of a number of recent examples of capital being withdrawn from areas seen as unethical. TDs here recently backed a move to drop fossil fuel investments from the Ireland Strategic Investment Fund.

"We can accept Irish clients who are looking for LGBT screening within their wealth-management process, and also the Irish economy and the Irish funds do feature in our portfolios because of their good record on LGBT rights," said Charlie Nicholls, managing partner of Equality Capital.

"Our social commitment doesn't hinder our ability to earn attractive returns for our clients, in fact it improves them as there are many opportunities in LGBT-friendly markets," Nicholls said.

"From our research, people do care about funding hate around the world. When you look at the travel market specifically, gay people often will not go to countries that they don't feel welcome in, or where they don't want to fund the tourism industry. That translates across into the wealth management idea."

"Whereas people understand that some countries are anti-gay and don't want to visit them, what they sometimes don't realise is that their pension portfolios can be sending their capital to these countries."

Apple chief executive Tim Cook, who came out as gay in 2014, said the result of the marriage referendum would attract more foreign direct investment to Ireland.

"From a business point of view, we need to be able to attract and retain talent from all walks of life, all sexual orientations, all races and all ethnic backgrounds," Cook said.

Sunday Indo Business

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