BNP’s $20 Billion ESG Call Brings New Fund-Market Dominance
- Investment arm of BNP is now world’s No. 2 for Article 9 funds
- Mass purge that hit Europe’s ESG fund market may not be over
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As the dust settles on the wave of ESG fund downgrades that swept through Europe’s investment industry, BNP Paribas SA has managed to climb several notches up a controversial ladder.
BNP Paribas Asset Management is now the second-biggest provider of the European Union’s top environmental, social and governance fund class, known as Article 9. Its decision to ring-fence about $20 billion worth of funds from downgrades helped it overtake BlackRock Inc. and Amundi SA in the rankings. The investment arm of Banque Pictet & Cie SA remains No. 1.