BlackRock triples spending on security for CEO Larry Fink due to ESG backlash

Group 1 - BlackRock increased spending on private security for CEO Larry Fink more than threefold last year, spending $563,513 on home security upgrades and $216,837 on bodyguards [1] - The company manages approximately $10.5 trillion in assets and has faced significant backlash from Republican-led state investment funds, which have withdrawn around $13.3 billion in assets due to its ESG investment strategies [3] - The Texas Permanent School Fund announced it would pull $8.5 billion from BlackRock, marking the largest withdrawal by a Republican-led pension fund to date [3] Group 2 - BlackRock's ESG policies have led to legal warnings, including one from Mississippi regarding "false and misleading statements" to investors [3] - Despite the backlash, BlackRock's climate transition funds market grew by 25% last year, reaching nearly $210 billion, with four of the five best-selling climate funds being BlackRock products [6] - BlackRock funds recorded $13.9 billion in net flows according to Morningstar, indicating continued investor interest in its offerings despite political challenges [6]