BLOWBACK: Do you think it’s finally dawning on the money-management world that maybe the whole ESG craze has been more trouble than it’s worth?
SEC LAWYERS SUBPOENA FUND
MANAGERS OVER ESG DISCLOSURES
The US Securities and Exchange Commission enforcement division has sent document requests, including subpoenas, to several asset managers relating to their environmental, social and governance investment marketing this year, lawyers said, suggesting a potential crackdown looming for the sustainable fund world.
Among the SEC’s areas of inquiry are conventional investment funds that have repurposed themselves as ESG funds, the asset management industry lawyers said. Also in focus are cases where funds offered in the US and Europe may share strategies, holdings, or portfolio managers but offer differing amounts of information on either side of the Atlantic. [Emphasis added.]