AMP's funds management business is divesting $440 million worth of tobacco-related investments as it implements a new ethical framework.
AMP Capital, which is also divesting $130 million of investments in landmines and cluster munitions, says the disposal of the tobacco-related equity and fixed income holdings represents Australia's largest divestment of tobacco securities.
"In the case of tobacco, cluster munitions, landmines, biological and chemical weapons manufacturers ... no engagement can override the inherent dangers involved with their products," AMP Capital chief executive Adam Tindall said in a statement on Thursday.
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