The Pennsylvania-based firm, which manages more than US$7 trillion in assets, said the Net Zero Asset Managers (NZAM) initiative created “confusion about the views of individual investment firms” and that it wants to ensure it acts independently and provides clarity to its investors on climate-change matters. (The Logic)

Talking point: Large asset managers and investors facing increasing pressure from ESG critics, particularly in U.S. Republican states. Last month, 13 Republican attorneys general asked the federal energy regulator to stop Vanguard from buying stock in public utilities, citing concerns about the investment firm’s NZAM membership. Nearly 300 asset managers have joined the alliance, including Canada’s Desjardins Global Asset Management, Brookfield Asset Management and BMO Global Asset Management. The group is part of the Glasgow Financial Alliance for Net Zero, an umbrella organization launched by former central banker and Brookfield vice-chair Mark Carney. The broader group has faced pushback from other members in recent months over criteria some deemed too stringent.