Asset Managers Seen Axing Almost All Sales of Top ESG Funds [BNN Bloomberg (Canada)]
BlackRock, Inc. (BLK)
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Source: BNN Bloomberg
tag in response to tougher regulations, according to an analysis by Jefferies International Ltd. BlackRock Inc., Pacific Investment Management Co. and Amundi SA are among firms that have already said they're removing the EU's highest environmental, social and governance fund designation, known as Article 9, from large chunks of their business. A Bloomberg tally indicates that funds worth at least $100 billion have been downgraded, though the actual figure may be significantly higher. With the development set to continue, the number of new Article 9 funds being issued “will be close to zero” in the new year, Luke Sussams, head of ESG and sustainable finance for Europe at Jefferies, told Bloomberg Monday. Article 9 downgrades now make up 87% of all product reclassifications in the EU asset management industry, based on prospectus changes as of Nov. 22, according to a Jefferies note to clients. Morningstar Inc. estimated in mid-September that such funds accounted for roughly $470 b
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