Passive funds' growing fossil fuel ownership makes them 'holders of last resort' - think tank

Research by Common Wealth found that passive funds are increasing their exposure to fossil fuel firms "even as the actively-managed sector has begun to retreat". The report, ‘The Passive Revolution', authored by Chris Hayes and senior research fellow Adrienne Buller, identified a "small cohort of increasingly vast asset management giants", namely BlackRock, Vanguard and State Street, that have "ridden a wave of enthusiasm for passive investing to positions of dominance" within the UK shareholder structure. It concluded that passive funds' growth in the fossil fuel industry, to the poi...