YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Missouri Treasurer Scott Fitzpatrick announced the state has pulled $500 million out of pension funds managed by BlackRock Inc.
Fitzpatrick cited the company's environmental, social and governance “priority” over shareholder returns.
The pulled funds now are primarily held by Clayton-based investment manager NISA Investment Advisors.
Read more from Reuters.
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Fitzpatrick is way off base. BlackRock is the world's largest asset manager, with US$10 trillion in assets under management as of January 2022. BlackRock didn't get there by doing a bad job. So, the only thing Fitzpatrick needs to do as treasurer is earn a good return on our money, and quit playing political games.
And in case Fitzpatrick doesn't know this, there are plenty of Missouri entities that have borrowed money from BlackRock, among them Bass Pro Shops.
Agree with last comment. Blackrock has a very successful history and the size to manage accounts of this size. It smells of a political move, not a financial one.