State Street takes US fund arm out of climate group

State Street, the third-largest asset manager, is leaving the Net Zero Asset Managers initiative, except for its European units. This move comes as other American fund managers reconsider their memberships due to rule changes and political pressure. The initiative, established to address climate change risks, recently loosened its requirements, now only asking members to provide climate risk information to clients. State Street's decision may be influenced by a lawsuit accusing asset managers of improper collective behavior around climate issues. Other firms, like T. Rowe Price and Wellington Management, are also reviewing their memberships.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.