The Haas School of Business at the University of California, Berkeley is starting an innovative new fund. Combining education with environmental consciousness, the school is launching a $250,000 student-managed investment fund with an emphasis on social responsibility.

The Wall Street Journal interviewed (subscription required) Kellie McElhaney, the head of the university's Center For Responsible Business about the fund, which will be managed by M.B.A. students.

According to McElhaney, "There will be about five M.B.A.s initially as portfolio analysts and managers, and we hope eventually 10. They'll be responsible for researching companies; making investment recommendations with the help and oversight of Haas faculty, a committee of investment professionals and Haas alumni; and then monitoring the investments. We think each M.B.A. should be responsible for recommending two investment positions, one long for companies with a good social-responsibility record and one short for those with a poor record."

That sounds awesome! Long-term the benefits from the program could be two-fold. On the one hand, MBA-students will gain exposure to ideas about corporate and social responsibility -- McElhaney hopes that the program will encourage more students to take ethics/social responsibility classes.

But I would also like to see if the Haas program, or one like it, can attract students who don't have a financial background but a strong social-consciousness -- and get them interested in learning about investing, something that might not appeal to them without the SRI component.