The Big Issue has launched an impact-investing platform, The Big Exchange, backed by investment management giants aiming to build a new financial system that makes a difference.
The Big Issue Group in the UK, with the help of fund managers like Aberdeen Standard Investments, AllianceBernstein, Columbia Threadneedle and Stewart Investors, has launched the platform offering more than 30 options that have an ethical, governance and sustainability purpose. The alliance floated the idea of the platform more than two years ago and recently went live.
The options are rated on a gold, silver and bronze system based on the quality of their ESG impact.
Users can choose from three accounts to hold their investments. The General Investment Account, which is the most basic account; the JISA account, which can be used as a children's savings account; and the ISA investment account, which can help "make a positive difference to people and the planet."
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In terms of fees, the platform charges an annual service and administration fee touted to be "cheapest" in the market of 0.25%.
"This means that for every £100 you invest, you pay 25p in fees. On top of that you pay a fee to the manager running the fund you choose to invest in. This varies depending on who you go with, but typically ranges between 0.8% and 1.8% per year," the website shows.
The Big Issue Group chair Nigel Kershaw said the world has changed with the Covid-19 crisis and there is an absolute need to change the financial system to help build a better world.
"A new financial system that is fair, that is accessible, where money counts for more and can benefit people and the planet as well as ourselves," he said.