US EditionNYC Moves to Drop Major Asset Managers in Climate-Driven Pension Fund Shakeup
Comptroller Brad Lander advised dropping three managers for failing to align with NYC's Net Zero Plan, affecting $43 billion in assets under management, signaling fiduciary concerns.
- On Nov. 26, New York City Comptroller Brad Lander recommended that the city’s three pension funds drop BlackRock, Fidelity and PanAgora for failing to address climate risk seriously.
- Earlier this year, Brad Lander required all asset managers to submit decarbonization plans with a June deadline and reviewed 49 public‑markets asset managers, finding 46 met expectations but three did not.
- BlackRock manages $42.3 billion for the three plans, while Fidelity manages $384 million for TRS and PanAgora manages $358 million for TRS and NYCERS, covering nearly 1 million beneficiaries.
- Recommending termination, Lander urged trustees to issue a search notice for BlackRock’s U.S. public equity index mandates and terminate Fidelity and PanAgora’s mandates, with reallocations subject to review by the pension plans' Boards and New York City Bureau of Asset Management.
- BlackRock responded that New York City Comptroller Brad Lander accused it of abdication and politicizing pensions, while the Sierra Club praised the recommendation amid recent UK and European pensions’ climate actions.
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Sierra Club Applauds NYC Comptroller Recommendation to Drop BlackRock Over Inadequate Climate Plans - CleanTechnica
NEW YORK — The Sierra Club applauds today’s announcement from New York City Comptroller Brad Lander recommending that three of the city’s pension systems — which are all implementing net-zero by 2040 plans — re-evaluate their mandate for BlackRock to manage more than $42 billion, due to the asset manager’s inadequate ... [continued] The post Sierra Club Applauds NYC Comptroller Recommendation to Drop BlackRock Over Inadequate Climate Plans appea…
NYC moves to drop major asset managers in climate-driven pension fund shakeup
New York City may soon pull tens of billions of dollars in pension funds from some large investment firms due to a perceived lack of action on climate change. City Comptroller Brad Lander released a new plan that would remove several major investments in large financial companies over their decarbonization plans. Pension change Lander’s plan would update trustees of the NYC Employees’ Retirement System (NYCERS), the Teachers’ Retirement System (…
Lefty NYC Comptroller Brad Lander tells top pension funds to cut ties with BlackRock over climate stance
New York City's far-left outgoing Comptroller Brad Lander wants three of the city's top pension funds to cut ties with BlackRock over allegations that the world's largest money manager is not doing enough to fight climate change.
Brad Lander Recommends New York Pension Funds Ditch BlackRock
New York’s largest pension manager is facing a show of no confidence. Outgoing Comptroller Brad Lander has recommended that the city drop BlackRock because it’s not doing enough to factor climate into its investment strategies.
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