BlackRock’s ESG Policies Pushes Arizona to Divest Funds From the Investment Firm

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“The office divested over $543 million from BlackRock money market funds in February, reducing exposure with the company by 97 percent this year.”

The preference cascade away from Environmental, Social and Governance appear to have begun in earnest.

The decision stems from stemmed from Arizona’s internal Investment Risk Management Committee of the index fund management firm, which began a review“Part of the review by IRMC involved reading the annual letters by CEO Larry Fink, which in recent years, began dictating to businesses in the United States to follow his personal political beliefs. In short, BlackRock moved from a traditional asset manager to a political action committee,” said Yee.

Other states that have made similar moves include Florida, Louisiana, South Carolina, and Utah. Texas has led the charge for a move away from ESG-oriented investing..

 

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