Florida, Missouri and Louisiana siphon billions from BlackRock over ESG strategy

Blackrock

The wealth manager is under pressure to focus more on ESG criteria.


(Photo: Reuters)

New York In the dispute over the ESG criteria of wealth managers, Florida has announced as another US state that it will withdraw funds from BlackRock. The chief financial officer responsible, Jimmy Patronis, justified the move on Thursday by saying that the group “openly stated that it has other goals than generating returns”.

In a statement, BlackRock said it was “concerned at the emerging trend towards such policy initiatives.” Missouri and Louisiana have also withdrawn funds from BlackRock, saying the company is now focusing too much on its environmental, social and governance (ESG) criteria at the expense of returns.

BlackRock has $8 trillion under management. At the same time, the company is under pressure from President Joe Biden’s Democrats to become more involved in ESG. Group boss Larry Fink said in October that he was being attacked equally from left and right: “So I’m doing something right.”

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