Ethical investment moved into the mainstream this week with the news that FTSE is setting up a range of indices to monitor the performance of ethical investment funds - or socially responsible investments as they are more commonly known these days.

From their origins as the preserve of those who valued principle over profit, socially responsible investment has grown to a position where there are now more than 200 such funds in Europe. While performance has been mixed, the better funds are more than holding their own, it appears.

There is also a feeling in the City that with rows over genetically modified organisms, BSE, drug testing on animals and tobacco, companies adopting policies in line with socially responsible investing may find their time has come in terms of profit from consumers looking for alternatives.

At the moment, only one such fund appears to exist in Ireland - Friends First's Stewardship Fund. With all the money heading for the Minister for Finance's new savings initiative, it will be interesting to see if providers offer more. After all, if it's good enough for FTSE, there is likely to be demand for it here.