BlackRock (BLK) CEO Larry Fink sharply criticized the world’s largest asset manager’s political critics in new, combative comments on Friday, saying they “continually lie.”
The comments came as his company continues to grapple with heated political disputes across the country.
“We have now done a better job of telling our story so that people can make decisions based on facts, not based on lies, and not based on misinformation or politicization by others,” Fink said during a conference call on the results of the first quarter.
“Unfortunately, there are others out there who continually lie about these issues,” he added.
Fink did not directly mention any US politicians by name, but the comments appear to be a clear indication of ongoing attacks by politicians on the Republican side both in Washington and in conservative states such as Texas.
Republicans have continued to try to make Fink and his company the preeminent example of what they say is “woke investing” as the 2024 election season heats up.
Fink also says the attacks aren’t working, citing a surge in U.S. investment in his company. He says there have been net inflows from U.S. investors into BlackRock totaling $1.9 trillion over the past five years, and nearly $300 billion in new U.S. investor money on the company’s books last year alone company appeared.
“I believe our long-term fiduciary approach and performance resonates with the vast majority of our clients,” says Fink.
The new comments came as the world’s largest asset manager reported overall results that included new record highs in assets under management. The company now manages $10.5 trillion in investor funds around the world.
The company’s shares were down at the start of trading on Friday, falling more than 1%.
BlackRock shares are also in the red for the full year 2024, while the S&P 500 has risen around 8% in recent months, according to data from Yahoo Finance.
A series of political attacks
Fink’s comments appeared to be aimed at ongoing political stalemate on multiple fronts.
On Capitol Hill, House Republicans, led by House Judiciary Committee Chairman Jim Jordan, are currently conducting an investigation into so-called ESG investing.
The committee recently subpoenaed BlackRock and other asset managers for information about “colliding agreements promoting and adopting left-wing environmental, social and governance (ESG) objectives.”
Fink has also distanced himself from the use of the politically controversial acronym, vowing last year not to say ESG and arguing that it has become a weapon.
Friday’s comments also came after a recent dispute between BlackRock and a Texas government fund that announced plans to withdraw $8.5 billion as the head of the Texas State Board of Education charged that BlackRock’s policy was to “supply energy companies.” boycott”.
This accusation came after Fink clashed with the conservative Texas administration on infrastructure issues and even received praise from Texas Lieutenant Governor Dan Patrick earlier this year.
In his annual letter last month, Fink dismissed the boycott allegations, noting that his company “has never supported the divestiture of traditional energy companies” and currently has more than $300 billion invested in such companies.
Fink also continued to urge investors to remain focused on the ongoing global energy transition, with a particular focus on infrastructure projects that will power new traditional and renewable energy sources in the coming years.
The offering prompted BlackRock’s latest $12.5 billion bet to buy private equity firm Global Infrastructure Partners as the company faces growing demand for new energy, transportation and digital infrastructure projects.
Fink told investors Friday he sees an “unprecedented need for new infrastructure” in the coming years and is aiming to complete the Global Infrastructure Partners deal this year.
A number of other topics were also touched on in the company’s quarterly earnings release on Friday morning, from new offerings in the fixed income space to the recent launch of a Bitcoin ETF. Fink also called attention to investors who are still holding back cash in response to what he described as “fear and uncertainty” emanating from U.S. and global politics.
“We started the year 2024 with great momentum and I am firmly convinced that BlackRock has more opportunities ahead of it than ever before,” said Fink at his farewell on Friday and wished investors a good quarter.
Ben Werschkul is a Washington correspondent for Yahoo Finance.
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