AllianceBernstein and Allspring leave Climate Action 100+

Two other major US asset managers, AllianceBernstein and Allspring Global Investments, have withdrawn from Climate Protection 100+, Responsible investor can betray.

CA100+ confirmed for RI that the two companies, which together manage around $1.2 trillion, left the joint cooperation initiative in May.

A spokesman for the US company Allspring said RI that the company joined the CA100+ association because it believes it is critical for investee companies in the highest-emitting industries to better understand and communicate their climate-related risks and, where appropriate, further develop their business strategies accordingly. “This still applies today.”

The spokesperson said the North Carolina-based company – which has $465 billion in assets under management and was previously the wealth management unit of Wells Fargo – has since evolved its trust platform and resources.We are confident that our internal, tailored approach will continue to serve our clients’ interests well,” they said.

At the time of publication, AllianceBernstein had not yet responded to RIfor comment. The Tennessee-based firm, which manages approximately $725 million in assets, has been involved in CA100+ engagement groups for Eskom, Sasol and Petrobras.

The climate initiative has seen a number of other departures that have not been previously reported. CA100+ confirmed that other recent departures include AKO Capital, Earth Capital and Maitri Asset Management.

AKO Capital – the asset manager founded by Nicolai Tangen, CEO of Norges Bank Investment Management – ​​left the initiative in April because its investment universe had minimal overlap with focus companies in the CA100+ group, according to a spokesperson for the initiative.

British investor Earth Capital exited in March as it no longer holds shares in CA100+ focus companies, while Singaporean firm Maitri Asset Management exited in December last year after leaving the CA100+ coordination network AIGCC.

AKO Capital and Earth Capital had not responded to RIs Request for comment at the time of publication, while Maitri could not be reached for comment.

CA100+ was rocked in February by the DDeparture of some of its largest US membersState Street, PIMCO, Invesco and JPMorgan Asset Management withdrew from the initiative, while BlackRock withdrew its US business.

In May, RI announced that Swiss Re has also left CA100+.

The reasons for their exit vary. JPMorgan AM stated that it had improved its investment management capabilities to such an extent that it no longer wanted to be part of the initiative.

Swiss Re said RI that the insurance giant is reducing the number of its “sustainability agreements” in order to “pool our resources and advance our group-wide sustainability strategy more effectively”.

“Our group-wide sustainability strategy remains unchanged, as does our belief in the importance of sustainability to our business,” they added.

However, other Brexit supporters said they considered the second phase of the initiative, which increased expectations for companies and tightened expectations for signatories, to be too restrictive.

State Street said the requirements were “inconsistent with our independent approach to proxy voting and portfolio company engagement,” while BlackRock said remaining a full member during Phase 2 would “raise legal concerns, particularly in the U.S.”

A CA100+ spokesperson said 81 signatories have joined the initiative since last July, representing a diverse range of investors from around the world.

During the same period, “less than 20” people left the company, including some US managers. “which have unfortunately partly withdrawn because of misguided political pressure on investors to abandon global initiatives that support them in managing climate-related financial risks.”

The spokesperson said that CA100+ “continues to enjoy strong support” and that “the initiative continues to show strong momentum.”