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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 is yet another US state to announce that it will withdraw funds from BlackRock. The responsible CFO, Jimmy Patronis, justified the move on Thursday by saying the group had “publicly stated that it has other objectives than generating returns”.

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 Missouri and Louisiana have also withdrawn funds from BlackRock, saying the company is now focusing too much on its environmental, social and governance (ESG) criteria at the expense of returns.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