石龙股票开户Australian fund cuts Westpac bond exposure on money laundering allegations

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FILE PHOTO: 石龙股票开户A pedestrian looks at his phone as he walks past a logo for Australia's Westpa石龙股票开户c Banking Corp located outside a branch in central Sydney, Australia, November 5, 石龙股票开户2018. REUTERS/David Gray/File Photo

SYDNEY (Reuters) - An Australian bond fund has started to divest Westpac (WBC.AX) bonds following allegations by the country’s financial crime regulator of money laundering compliance breaches, some of which related to financing child exploitation.

Bill Bovingdon, chief investment officer of Altius Asset Management, which manages over A$2 billion ($1.36 billion), told Reuters its fund had downgraded the environmental, social and governance component of its credit risk score of Australia’s second-largest lender to “high” from “moderate”.

“As a consequence of this change we have commenced an orderly divestment of our Westpac Senior secured debt holdings,” Bovingdon said.