Jeffrey Ubben, the former activist turned ethical investor, said on Tuesday that environmental, social and governance concerns will increasingly hit companies' stock prices, just as climate change hurt oil and gas companies' shares.
Ubben, who retired from the US$16 billion activist firm ValueAct Capital Management LP in June to start Inclusive Capital Partners LP, an ESG-focused fund manager, said stock prices of many large companies had yet to fully reflect the global problems to which they contributed, such as McDonald’s Corp on obesity and Coca-Cola Co on plastic waste, but that was beginning to change.
A spokesman for BlackRock declined to comment. The firm has seen some US$25 billion flow into its ESG ETFs this year, double the amount in 2019, according to its earnings report Tuesday. CEO Larry Fink said in a January letter to company chief executives that BlackRock was expanding its suite of ESG products because it wanted to"make sustainable investing more accessible to all investors.
Ubben said Inclusive, which managed US$1.3 billion as of July and is backed by Affiliated Managers Group , would look for investments in growth companies with strong potential for ESG impact, or those that traded lower after belatedly accounting for external ESG impact and were committed to change.
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