Fund managers are facing renewed pressure from the United Nations to act on promises to invest money in a socially responsible manner, at a time when many in the industry will be focusing on retaining client assets and surviving the downturn ahead of ethical issues.

Investment managers and consultants alike have been criticised by a group of signatories to the United Nations Principles of Responsible Investment, who in a report published yesterday, claim there are too many 'freeriders' that have signed up to the agreement as a box-ticking exercise.