Abu Dhabi’s FAB Private Banking has launched a fund to support the United Nations Sustainable Development Goals (SDGs).

The fund will target investments that address social and environmental challenges and will have an investment strategy of achieving sustainable outcomes.

A proportion of management fees will be allocated to non-profit programmes or projects.

A statement from the bank said the FAB Sustainable Development Goals Fund will look for long-term investment opportunities that address the world’s major social and environmental challenges, as defined by the UN SDGs. 

It will consist of 17 exchange traded funds (ETFs), each of which will align with at least one of the 17 SDGs as well as FAB’s own ESG strategy.

FAB will also support the UN goals financially by allocating 17 basis points of the fund management fees to a dedicated non-profit programme or project annually.

Michel Longhini, group head of global private banking at FAB, said: “We see a growing number of our clients who want to deploy their wealth in a way that achieves positive impact, particularly in areas linked to their personal environmental or sustainability concerns.” 

The bank said SDG-aligned investing directs capital towards companies that are known as ‘key enablers’ and which provide investment solutions to the world’s 17 biggest challenges to be achieved by 2030.

The SDGs, with their 169 targets, form the core of the 2030 Agenda of the United Nations, and were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure peace and prosperity.