Don’t expect BlackRock, the world’s largest asset manager led by a CEO renowned for his warnings about climate change and a short-term investing approach to divest itself of fossil fuel stocks, gunmakers or private prison companies.
CEO Larry Fink, in an interview at Morningstar’s virtual annual conference, said the firm will not eliminate companies from the many indexes that underlie its passive ETFs.
“It’s not my money,” Fink said.
BlackRock can work with those companies who design its indexes and customize them on behalf of its clients, but it’s not the firm’s “fiduciary responsibility” to remove companies from all the indexes it uses for products.
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“Our job as a fiduciary is to follow what our clients want,” said Fink, noting that the firm has index products that exclude certain sectors as well as those that don’t and more sustainable products than any other asset managers today.