Yahoo Finance Live reports on Bluebell Capital's latest activist investor stake in BlackRock.
A UK activist investor with a history of taking on big companies has called on BlackRock founder Larry Fink to resign as chief executive over the “apparent hypocrisy” of the asset manager’s use of environmental, social and governance investment factors. Bluebell Capital Partners went public with its concerns about the world’s largest money manager on Tuesday, releasing a letter it had sent to Fink last month. Giuseppe Bivona and Marco Taricco, Bluebell’s co-chief investment officers, contended that BlackRock had changed positions several times on investing in thermal coal production while failing to live up to Fink’s widely publicised sustainability commitments.
(Reuters) -Tiny activist investor Bluebell Capital Partners is taking aim at BlackRock and wants to replace longtime CEO Larry Fink, criticizing the world's largest asset manager as being inconsistent in its focus on environmental, social and corporate governance (ESG) issues. Bluebell, with roughly $250 million in assets, said BlackRock, which invests over $8 trillion, and Fink have "alienated clients and attracted an undesired level of negative publicity" with the firm's ESG strategy. The criticism from London-based Bluebell is the opposite of recent accusations by some U.S. lawmakers and state officials that BlackRock and Fink are putting sustainability goals before earning returns.