Bloomberg.com reports that Glebe Asset Management, the Anglican Church’s investment fund has decided to remove its ban on buying uranium mining shares. Director David Andrews said that they had accepting uranium partly because of concern that the increasing use of oil and coal is contributing to pollution and global warming.
Peter Thompson, marketing consultant for UCA Funds Management, said that the Uniting Church in Australia’s fund will keep its ban on uranium stocks and had sold its BHP Billiton shares in June after BHP bought WMC Resources Ltd., owner of the world’s largest deposit of the nuclear fuel.
UCA Funds Management is the business name of the funds management arm of the Uniting Church Synod of Victoria and Tasmania= operating out of its Melbourne office. It manages about A$550 million in investments.
Australians last year had more than A$21.5 billion in managed investments in what are called "ethical investment funds" that avoid industries such as tobacco and gaming.