US asset manager BlackRock is losing more and more money in the dispute over asset managers’ ESG criteria. After Missouri and Louisiana withdrew funds from BlackRock on the grounds that the company was now focusing too much on its environmental, social and good governance (ESG) criteria at the expense of returns, Florida also announced the same .
The chief financial officer responsible for the US state, Jimmy Patronis, justified the move by stating that the company “openly stated that it has other goals than generating returns”. BlackRock is “concerned about the emerging trend toward such policy initiatives,” the asset manager said.
BlackRock manages $8 trillion. At the same time, the company is under pressure from President Joe Biden’s Democrats to get more involved in ESG. Group boss Larry Fink said in October that he was being attacked equally by left and right: “So I’m doing something right.”
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As Republicans take over the majority in the House of Representatives, the group and competitors like Vanguard have been threatened with fresh ESG headwinds since early January. This will allow them to hold hearings on ESG factors and to urge regulators to look more closely at ESG funds.
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