Reduced participation means none of top five money managers fully back Climate Action 100+
Two of the world’s biggest asset managers are quitting an investor group set up to prod companies over global warming and a third is scaling back its participation, in a major setback to the ambitions of Climate Action 100+. JPMorgan Asset Management and State Street Global Advisors both confirmed they were leaving Climate Action 100+. BlackRock, the world’s largest money manager, is pulling out as a corporate member and transferring its participation to its smaller international arm.
” JPMorgan’s most recent climate change engagement report states that it “does not work in concert with other investors on investment matters and makes its own independent decisions concerning investee companies”. With $4.1tn and $3.1tn of assets under management respectively, SSGA and JPMAM are also among the top five asset managers. Vanguard and Fidelity Investments never became members. Other large US asset managers still in Climate Action 100+ include Goldman Sachs, Invesco and Pimco.
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