"29/6/2004
"The Westpac Australian Sustainability Shares Fund has added to the list of ethical fund managers selling their James Hardie shares, as questions about the unfunded liability for asbestosis victims grow in the institutional investment community.
"Chris Fayers, an analyst with Monash Sustainability Enterprises, the fund's sustainability researcher, said Westpac sold the shares due to concerns over James Hardie's financial performance. However, he also said that the stock was 'On Watch' from a social perspective and that this meant James Hardie would not be investable again unless its approved status was reinstated.
"But there are mixed views amongst mainstream investment managers on James Hardie's prospects, as shown by movements on its substantial shareholder list this month. Deutsche Asset Management advised it has sold shares and was no longer a substantial shareholder, while Concord Capital and Lazard Asset Management were building their substantial shareholdings in the company." (The Ethical Investor)
