CEO Larry Fink's annual investor letter dropped references to DEI and ESG policies, and touted efforts to expand investors' access to markets, including private markets.

BlackRock LifePath ESG Index 2040 Fund earns an Above Average Process Pillar rating. The main contributor to the rating is the parent firm's five-year risk-adjusted success ratio of 58%.

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In simple terms, many of these funds underperformed and investors noticed. BlackRock's shift is a response to this trend. Last year, the company only supported 4.1% of ESG-related shareholder ...