The asset management unit of JPMorgan Chase and Co. has wiped its ESG, or environmental, social, and corporate governance portfolio clean of its exposure to the Adani empire.
The move, captured by an analysis of data compiled by Bloomberg, comes as a number of major investment firms such as BlackRock Inc., Deutsche Bank AG's fund management unit and DWS Group, continue to sit on Adani stakes in ESG funds, tracking indices offered by Morgan Stanley Capital International (MSCI) Inc.
Spokespeople for JPMorgan and BlackRock declined to comment. A spokesperson for DWS said in an email response that when it comes to MSCI-tracking exchange traded funds (ETFs), "no proprietary DWS ESG assessment is used". MSCI said the results of a regular review of its ESG and climate indices "will be implemented" at the end of February, but it has so far not adjusted any Adani ESG ratings.
For fund managers who do not base their investment decisions on MSCI indices, Adani became too toxic to hold on to after short-seller Hindenburg Research, in a report on 24 January alleged that the conglomerate was guilty of fraud and market manipulation. The Adani Group has rejected the claims and hired lawyers and communications specialists in an effort to resurrect its image.
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