The firm plans to address the apparent conflict by creating sustainable versions of its flagship iShares index business and to double the existing number of ESG-compliant exchange-traded funds to 150.
Anne Richards, chief executive officer of Fidelity International, said active managers are best placed to push the companies they invest in to change their behaviour on environmental issues. “As active managers, one of the tools you always have in your kit bag ultimately is threat of divestment,” Richards said in a Bloomberg TV interview from Davos.
“The first starting point is engagement because it’s when you own the shares you really have leverage to talk to management.” The majority of Fidelity International’s assets are in active funds, although the firm has several indexes and ETFs, according to a company spokeswoman.Passive funds will “never have that tension,” Richards said.BlackRock’s passive offerings account for about two-thirds of its assets under management at US$4.9 trillion and the iShares ETF business continued to be a major driver last year, pulling in more than half of all inflows during the fourth quarter.
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