This is your markets minute.BlackRock and its chief executive officer Larry Fink, have become the focal point
for politicians in red states, demonizing the asset manager for being too green. They've even gone so far as divesting billions of dollars and making it illegal to invest with the firm. When asked about the claims, Fink acknowledged that he was taking them very seriously.

But he said the accusations were no longer about business and rather about perpetuating misconceptions and an ugly narrative. pointing out that as the world's largest asset manager, BlackRock is simultaneously
one of the world's largest investors in the hydrocarbon industry, as well as one of the fastest growing companies related to decarbonization.

We are one of the largest hydrocarbon, if not the largest hydrocarbon investor in the world because we're the largest indexer and we work with all these different companies. at the same time, We're one of the fastest growing companies related to decarbonization.

Fink then went on to share that while conservative politicians might be bubbling like a tar pit over BlackRock's ESG investment strategies, the hydrocarbon industry itself is investing with BlackRock and in some cases working with the firm to decarbonize.

We actually won the entire pension planof a major hydrocarbon company, a major energy company. You know, if we were that enemy that we're being we're being accused of, I don't think we would have those type of relationships that we're working with one or two major energy companies right now on their pathway to decarbonization.

And so as my letters wrote, we have to be working with energy companies, not against.  But as the saying goes. Money talks.  So if you're wondering whether the divestiture by some red states last year will have much impact on BlackRock's aum or investment strategy, Well, I'll let Larry talk.

We lost about $4 billion of flows from various states. But in long term flows last year, we were awarded $400 billion. Just last year. in the United States,our clients entrusted us with an additional $230 billion.