Republicans are bringing investment giant BlackRock to heel, arguing that returns to retirees must come before so-called “responsible” investments. This is a record amount for a single state.
Florida Governor Ron DeSantis is fed up with the “woke” investments of BlackRock and its CEO Larry Fink.
The state said Thursday it had begun divesting $2 billion in funds overseen by BlackRock, saying its investment policies had “awakened capitalism.”
“The use of our money to fund BlackRock’s social engineering project is something Florida has never approved,” said Jimmy Patronis, Florida’s chief financial officer. “It does nothing to increase returns, and it’s the opposite of what an asset manager pays,” he said in an interview. The New York Post.
“Florida is withdrawing from BlackRock because it has publicly stated that it has other goals than generating returns,” he said. The New York Post.
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Florida joins other Republican-led states, including Louisiana and Missouri, that have withdrawn public funds from BlackRock regulation in response to concerns about its responsible or sustainable investment (ESG) policy.
Last August, Ron DeSantis banned pension funds from taking into account so-called environmental, social and governance criteria when they invest state pensioners’ money.
BlackRock is the world’s largest asset manager, with $10 trillion in assets under management as of January 2022. The firm operates globally with 70 offices in 30 countries and clients in 100 countries. Wikipedia.
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