New York In the dispute over asset managers’ ESG criteria, Florida has announced as another US state that will withdraw funds from BlackRock. The chief financial officer in charge, Jimmy Patronis, justified the move on Thursday by saying the company “openly stated that it has other goals than just generating returns.”
In a statement, BlackRock said it was “concerned about the emerging trend toward such policy initiatives.” Missouri and Louisiana also withdrew funds from BlackRock, saying the company is now focusing too much on its environmental, social and governance (ESG) metrics at the expense of returns.
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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