Specialized fund managers who pioneered green investing for decades are missing ...
COLORADO SPRINGS, Colo. - Specialized fund managers who pioneered green investing for decades are missing out on some of the spoils as the sector goes mainstream and large firms move in.
But the new money has largely gone to top asset managers like BlackRock Inc and Vanguard Group, which were late to the sector. BlackRock’s iShares ETF line had the most inflow, with $3.75 billion for the nine months ended Sept. 30, with Vanguard in third place with $2 billion of new money. Those included Parnassus Investments and Pax World Funds. Another, Boston Common Asset Management, had net outflows through September but turned things around in October in its mutual funds, which account for only about 10% of its assets.
“We’re not getting those same kinds of flows and yes, that’s a little frustrating,” said Pax World Senior Vice President Julie Gorte.
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