The withdrawals came as 19 state attorneys general, led by Arizona’s Mark Brnovich, wrote to the Securities and Exchange Commission asking the agency to look into BlackRock’s ties to China and whether or not it was prioritizing its fiduciary responsibility over its investors.New artificial intelligence technologies can help end our period of record inflation, the head of the world's largest asset manager argued on Wednesday.Ī global slowdown in productivity is a “reason why we have such sticky inflation,” BlackRock CEO Larry Fink said during the company’s investor day event, according to Bloomberg. And in August, BlackRock faced nearly $1 billion in withdrawals from Republican state treasurers who grew tired of the financial giant’s investment priorities. Ron DeSantis divested $2 billion in state pension funds from the firm. LightRocket via Getty ImagesĮarlier this month, Florida Gov. BlackRock has approximately $8 trillion assets under management. Republicans who regained the majority in the House are pushing to launch a series of investigation into companies embracing “woke” values and ESG when they assume power next year. However, BlackRock is likely going to continue to be in the crosshairs. Given Bluebell’s size, it’s unlikely the firm will be able to affect change on its own. In comparison the S&P 500 is up roughly 365% during that same period of time. A source also pointed to BlackRock’s performance: the stock is up 4,900% since the company’s initial public offering in 1999. 10 letter to BlackRock, Bluebell investors wrote it had concerns for the “reputational risk (including greenwashing risk) to which BlackRock under the leadership of Larry Fink have unreasonably exposed the company.”īlackRock insiders told The Post on Wednesday that Bluebell holds less than 0.01% in BlackRock. It is not ‘woke’,” Fink wrote in his January letter. It is not a social or ideological agenda. “Stakeholder capitalism is not about politics. In an annual letter to shareholders earlier this year, Fink promoted what he called “stakeholder capitalism” - which takes into account the needs of employees, customers, the environment and even the government - and criticized those accusing BlackRock of pushing a political agenda.īlackRock letting more clients vote at annual meetings in dramatic move “BlackRock Investment Stewardship did not support their campaigns as we did not consider them to be in the best economic interests of our clients.” “In the past 18 months, Bluebell has waged a number of campaigns to promote their climate and governance agenda,” a spokesperson for BlackRock told The Post. BlackRock’s Larry Fink has defended “stakeholder capitalism.” Bloomberg via Getty Images I think there is a high correlation between BlackRock’s strategy on coal and the price of coal.”īlackRock brushed off Bivona’s accusations. “Now that the price of coal is $380 per ton, they are talking about responsible ownership. “Let me say that when the price of coal was around $76 per ton, BlackRock was talking about essentially divesting,” Bivona continued. “We see BlackRock endorsing a number of bad practices from a governance, social and environmental perspective which is not actually in tune with what they say,” said Bluebell co-founder Giuseppe Bivona in an interview with CNBC on Wednesday. Inside the woke system pushing companies to endorse celebs like Dylan MulvaneyĪ small activist fund fired a slingshot at goliath investment firm BlackRock, calling for the ouster of CEO Larry Fink for his “hypocrisy” in pushing a “woke” political agenda.īluebell Capital - a London-based firm with just $250 million in assets under management, compared to the roughly $8 trillion BlackRock oversees - accused Fink of not adhering to his espoused environmental, social and governance (ESG) principles. Investment funds care more about ‘ESG, leftist political agenda’ than clients’ money: study Ex-Anheuser-Busch exec reveals how lefty investment firms pressure companies to go wokeīeware the guide for investors to avoid firms that put politics over looking after your money
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