Last year, global equity had net terminations of $6.8 billion attributable solely to the U.K.'s Universities Superannuation Scheme switching to Legal & General Investment Management due to a new climate focus approach.
There were also terminations driven by an anti-ESG push by certain states, such as the Florida Treasury removing $2 billion in fixed income and other traditional categories in December. In October, the Louisiana Department of Treasury shifted $794 million out of the asset manager, citing BlackRock's net-zero commitment.
This year, BlackRock won a $1 billion mandate from the New York State Common Retirement Fund to manage a commingled global equities account. This account has been benchmarked to the MSCI Climate Change index.