A KiwiSaver fund manager, Simplicity, is urging investment managers to cooperate in the design of an ethical global investment fund.
A man de-mines a road behind a warning sign in Sri Lanka, in 2009. Photo: AFP
Simplicity is a new online KiwiSaver provider with low fees and no profits.
The company was planning to use US-based global giant Vanguard Group for its overseas investment funds.
But several other KiwiSaver companies have stopped using Vanguard, after it was found to be putting money into weapons and tobacco companies.
Simplicity chief executive Sam Stubbs said the local industry had to agree on the make-up of a global fund that best aligned with the values of KiwiSavers.
"The obligation really is on the New Zealand industry to unite and go with a common set of requirements, not only to Vanguard but to other international providers," he said.
He said the requirements would help the sector in the long term.
Mr Stubbs said Simplicity had started business early because of stronger than expected demand.