BlackRock’s Jump Into Sustainable Investing Leads to Record Haul
(Bloomberg) -- BlackRock Inc.’s push into sustainable investing is producing big results.
Of the $98 billion in long-term net flows that the firm took in last quarter, about one third, or $32 billion, went into sustainable funds -- a quarterly record.
The flood of money tied to environmental, social and governance factors was especially high in Europe, Chief Executive Officer Larry Fink told analysts on a conference call after reporting earnings Wednesday.
“I continue to see this big shift in investor portfolios as they move away from traditional indexes to more sustainable types of indexes,” Fink said.
The results show the rapid rise in demand for sustainable investing -- and the success that the world’s largest asset manager has had expanding its reach in this area. The topic is no small matter to Fink, who has become a leading voice in Corporate America on the importance of transitioning to green energy.
“BlackRock’s strong commitment to ESG in recent years gives the firm a firm mover advantage to capitalize on this high-growth opportunity,” Kyle Sanders, an analyst at Edward Jones, said in a note Wednesday.
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