Republican State Treasurers Withdraw State Funds from BlackRock

On October 9, the Financial Times reported that BlackRock will lose nearly $1 billion in assets under management by the end of 2022 as Republican state treasurers withdraw funds, citing disapproval of the company’s investing policies and focus on ESG. According to an interview with the Financial Times, South Carolina state treasurer Curtis Loftis plans to pull $200 million from BlackRock by the end of the year. Louisiana state treasurer John Schroder issued a press release announcing plans to withdraw $794 million, pointing to BlackRock's urging companies to embrace net zero ESG strategies as a reason for pulling funds