BlackRock to Launch Environmentally Aware Money Market Fund
23 January 2019 - 9:36AM
Dow Jones News
By Stephen Nakrosis
BlackRock Inc. (BLK) on Tuesday said BlackRock Cash Management
filed an initial registration statement for the BlackRock Liquid
Environmentally Aware Fund, a series of the BlackRock Funds, with
the U.S. Securities and Exchange Commission.
The new fund will give consideration to select environmental
criteria while still working to provide clients with as high a
level of current income as is consistent with liquidity and
preservation of capital, the company said.
BlackRock also said 5% of the net revenue from their management
fee from the fund would be used to purchase and retire carbon
offsets, either directly or through a third-party organization.
The fund will invest "in a broad range of money market
instruments whose issuer or guarantor, in the opinion of BlackRock,
at the time of investment has better than average performance in
environmental practices," the company said. The fund will eschew
investments in companies making significant revenue from the fossil
fuels, thermal coal or nuclear-energy power generation.
BlackRock also said it entered an agreement with the World
Wildlife Fund and would make an annual payment to help further
WWF's global conservation efforts.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
January 22, 2019 17:21 ET (22:21 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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