Spinnaker Trust gains traction with Fossil Fuel Free Investing
Trailblazing portfolio a successful response to investor demand for climate change advocacy
PORTLAND, Maine, Dec. 19, 2014 /PRNewswire/ -- Two years ago, Spinnaker Trust launched its Fossil Fuel Free Portfolio ("FFF") to meet growing investor demand for an investment vehicle that provided competitive returns while meaningfully addressing climate change concerns. Since its inception, FFF has met that standard and may well have another good year in 2014 as a severe drop in oil prices has hurt fossil fuel companies like Exxon Mobil (XOM) and Chevron (CVX), which are excluded from FFF by Spinnaker's screening strategy.
"The investment strategies from Spinnaker Trust have demonstrated that a well-managed, thoughtful approach that provides excellent returns need not involve outdated thinking and propping up industries that stand in opposition to the sustainability of this planet," noted Dr. Melik Peter Khoury, Executive Vice President and Liaison to the Unity College Board of Trustees.
Spinnaker initially developed FFF at the request of Unity College, helping it become the first college in the nation to divest its assets from companies with significant carbon reserves. This has thrust both the institution and Spinnaker Trust to the vanguard of an increasing trend that has grown to paramount proportions. Others have followed their lead, including Stanford University, Dayton University, the Unitarian Universalist Association, and the Rockefeller Brothers Fund, all choosing to divest from fossil fuel companies.
"Unity College saw a need to develop a collective approach to address global climate change with systematic, comprehensive and scientifically informed policies, and Spinnaker answered the call to eliminate our carbon assets," said Stephen Mulkey, President at Unity College.
Fossil Fuel Free Investing gives the investor several avenues to make a positive impact on climate change. Not only does it send a message that the investor does not support fossil fuel companies, it allows the investor to take positive next steps toward aligning their financial strategy with their values while reducing the long-term risk of holding carbon assets.
"We developed our fossil fuel free portfolio to allow clients to take a meaningful stance on climate change and the world's reliance on fossil fuel. Advocates for alternative energy want to make a difference; divesting gives them a concrete way to do that," said Sara Lewis, Senior Vice President at Spinnaker.
The issue of climate change will remain a topic of conversation within the investment community and beyond, and Spinnaker will continue to navigate the waters for its clients, while consistently working to achieve their long-term investment goals. Spinnaker is actively looking for opportunities to invest in companies whose engagement in developing alternative energy technology will lead to superior returns and a more sustainable economy.
To learn more about FFF and Spinnaker's global all-cap approach to fossil fuel divestment, please visit: http://www.spinnakertrust.com/uploads/publications/FFF%20FAQ%20FINAL.pdf
About Spinnaker Trust
Spinnaker Trust is a Maine bank chartered nondepository trust company that serves a global clientele. Founded in 2000, Spinnaker manages over $1 billion in client assets and has over 35 employees. Their mission is to help clients build wealth, and protect it, while preserving peace of mind. With objective and personalized advice, Spinnaker guides their clients toward their investment goals, helps them to manage and conserve their assets and works hard to ensure that their legacy is ready and waiting for future generations. For more information, visit www.spinnakertrust.com.
Contact: Eben Jose
Spinnaker Trust
207-541-9788
[email protected]
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SOURCE Spinnaker Trust
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