More Environment, Social, and Governance (ESG) investing funds have closed in 2023 than the last years combined amid political backlash and investor scrutiny.
Bloomberg reported that State Street, Columbia Threadneedle Investments, Janus Henderson Group, Hartford Management Group, and others closed more than two dozen ESG funds this year, according to Morningstar.
BlackRock, the world’s largest asset manager and a prominent back of ESG investing, said it would close two “sustainable emerging-market bond funds” with total assets of $55 million.
Morningstar also found that investors have pulled more money from ESG funds in the first half of 2023 than they put into them.ESG investing has become one of the latest vectors by which large financial investing firms can push companies to adopt leftist positions such as anti-climate change, diversity requirements, and racial justice, that they would otherwise not adopt. […]
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