Managing US$6 trillion in assets, Fink is CEO of the world’s largest asset manager. As such, his annual letter is widely read by Wall Street execs and beyond. This year’s “letter,” released Wednesday, took a strong stance on climate change, saying—among other changes—BlackRock would divest from coal companies in its actively-managed funds and change its voting patterns. Business outlets including The Financial Times ran stories on the news. The only issue: the letter was fake. (Business Insider)
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Managing US$6 trillion in assets, Fink is CEO of the world’s largest asset manager. As such, his annual letter is widely read by Wall Street execs and beyond. This year’s “letter,” released Wednesday, took a strong stance on climate change, saying—among other changes—BlackRock would divest from coal companies in its actively-managed funds and change its voting patterns. Business outlets including The Financial Times ran stories on the news. The only issue: the letter was fake. (Business Insider)
Talking point: Last year, Fink spoke out in support of corporate social responsibility and gun control. A spokesperson tweeted that Fink’s real letter is expected to be out “soon,” though a specific date hasn’t yet been announced. The asset manager has been targeted by activists and other investors, urging it to take stronger action on climate change. BlackRock also reported its fourth-quarter earnings Wednesday, missing investors’ predictions—its assets under management declined five per cent year-over-year.
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