black rock (BLACKCEO Larry Fink lashed out at political critics of the world’s largest money manager in combative new comments Friday, saying they “continually lie.”
The remarks come as his company continues to face heated political conflicts across the country.
“We’ve done a better job now of telling our story so people can make decisions based on facts, not lies and not misinformation or politicization from others,” Fink said during of a conference call on first quarter results.
“Unfortunately, there are still others… who continually lie on these issues,” he added.
Fink did not directly name any U.S. politicians, but his comments appear to be an unmistakable reference to ongoing attacks from politicians on the Republican side of the aisle, both in Washington and in conservative states like Texas.
Republicans have continued to try to make Fink and his company the preeminent example of what they accuse of being “woke investing” as the 2024 election season continues to heat up.
Fink also says the attacks don’t work, pointing to increased U.S. investment in his company. He claims there have been $1.9 trillion in total net inflows from U.S. investors into BlackRock over the past five years and nearly $300 billion in new capital from U.S. investors that has appeared in the company’s books last year alone.
“I believe our long-term fiduciary approach and performance resonates with the vast majority of our clients,” says Fink.
The new comments come as the world’s largest asset manager released headline results including new record levels of assets under management, with the firm now managing $10.5 trillion of investors’ money worldwide.
The company’s shares opened lower in early trading Friday, falling more than 1%.
BlackRock’s stock is also down for all of 2024, while the S&P 500 is up about 8% in recent months, according to data from Yahoo Finance.
A series of political attacks
Fink’s comments seemed directed at ongoing political standoffs on several fronts.
On Capitol Hill, House Republicans, led by House Judiciary Committee Chairman Jim Jordan, are currently investigating so-called ESG investments.
The committee recently assigned BlackRock and other asset managers as he seeks information on what he calls “collusive deals to promote and adopt left-wing environmental, social and governance (ESG) goals.”
Fink also renounced use of the politically controversial acronym, I made my vows last year without mentioning ESG and arguing that it had become a weapon.
Friday’s comment also comes after a recent altercation between BlackRock and a Texas government fund that announced plans to withdraw $8.5 billion as the chairman of the Texas State Board of Education accused BlackRock of ‘boycotting energy companies’ .
This accusation came after Fink had made inroads with the conservative Texas government on infrastructure issues, even receiving praise from Texas Lieutenant Governor Dan Patrick earlier this year.
In his annual letter last month, Fink rebuffed boycott accusationsemphasizing that his company “has never supported divestment from traditional energy companies” and that it has currently invested more than $300 billion in these companies.
Fink also continued to urge investors to stay focused on an ongoing global energy transitionwith a particular focus on infrastructure projects that will power new traditional and renewable energy sources in the years to come.
The problem fueled BlackRock’s recent $12.5 billion bet to buy private equity firm Global Infrastructure Partners as it anticipates growing demand for new energy, transportation and digital infrastructure projects in the coming years.
Fink told investors Friday that he sees “an unprecedented need for new infrastructure” in the coming years and hopes the deal with Global Infrastructure Partners closes later this year.
The company’s quarterly earnings call Friday morning also touched on a range of other topics ranging from new offerings in the retirement space to the recent introduction of a Bitcoin ETF. Fink also drew 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 2024 with good momentum and I firmly believe there are more opportunities ahead for BlackRock, more than ever before,” Fink said as he signed off on Friday, wishing investors a good quarter.
Ben Werschkul is Yahoo Finance’s Washington correspondent.
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