John Bai, senior vice president and chief investment officer at Aviso Wealth and NEI Investments, supported the remarks, saying, “Responsible investors everywhere have been called to action. Our decision to suspend new purchases and divesting existing holdings has been criticized. was not taken lightly, but there is no question that it is the right thing to do. With this action, we strongly believe that we are committed to helping investors achieve their financial goals and helping them make a positive difference in the world We are fulfilling our objective of empowering you.”
Since sub-advisors began to cut or remove their holdings even before the invasion, the exposure to Russian securities in NEI’s own funds is negligible. The NEI Emerging Markets Fund had zero exposure to Russian sovereign debt or currency as of March 3, 2022, and less than 1% exposure (three stock holdings) of $3.55 million.
In addition, the NEI has a longstanding position against war and weapons, excluding companies that receive revenue from military contracts that violate international humanitarian law, as well as those seeking revenue from nuclear weapons contracts. as well as manufacturing legal weapon systems and components for these systems for specific mandates.
In solidarity with Ukraine, the ESG Services team and NEI Investment team have agreed to immediately ban the purchase of any new Russian government debt, bonds, or equity issued by Russian-owned businesses. It is instructing sub-advisors to sell any existing Russian equities as soon as possible, knowing that current capital markets trading limits make it extremely difficult to set a deadline for completing the transaction.
Finally, it is working to influence corporations that operate in Russia or have other economic interests in order to publicly align with international efforts to increase economic pressure on Russia, such as corporate engagement. through delay or closure of their presence in the country.
