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Investors seeking to reward companies for gender diversity are getting more investment options with the launch of a new mutual fund from Bank of Montreal that invests exclusively in companies with female leadership.

The new fund will track the Barclays Women in Leadership North America Index and invest in companies that have either a female chief executive or a board with at least 25 per cent female representation.

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Other funds in Canada, including the IA Clarington Inhance SRI Funds and NEI Ethical Funds, have incorporated gender diversity investing into their funds, part of a growing strategy known as impact investing, or socially responsible investments. BMO, however, will be the first to offer a Canadian product that focuses exclusively on the strategy.

“I think the overall theme of impact investing has gained traction, especially over the past few years,” said Kevin Gopaul, chief investment officer and senior vice-president, BMO Global Asset Management, in an interview. “We find more people asking how they can make a positive impact on society with their money.”