State Street

The money managers slashed their support of ESG shareholder proposals amid a Republican-led backlash against sustainable investing.

The offering, a mix of liquid credit and private investment, still needs regulatory approval.

Study finds that the two large investing firms tend to not support shareholder proposals meant to combat climate change.

The closings underscore shifting fortunes for sustainable investing as returns disappoint investors and anti-ESG rhetoric persists

A union with nearly 2 million members and other progressive groups say the four giant investment firms "effectively blocked action" on shareholder proposals.

The fund giant's move comes as asset managers face increasing political and social pressure over their stances on environmental, social and governance issues.

The company's foray into crypto is the latest sign that digital currencies are gaining a toehold on Wall Street.

Institutions with notable holdings in multiple firms across industries are less likely to panic sell, according to the researchers.

The Boston trust bank has set up a division called State Street Digital, led by Nadine Chakar, that will help customers invest in cryptocurrencies. It will also develop blockchain and smart contract technology and the ability to tokenize assets.

The moves come just one day after BlackRock announced reductions on $7.6 billion of its style funds.