Oklahoma Attorney General Gentner Drummond has joined 16 other attorneys general with concerns about major investment firms and how they are advising their clients about Chinese investments. The group has written a letter to the firms asking for that information.
Among the companies sent the letter, Drummond points out BlackRock is one of the firms which allegedly has made misstatements which may violate the asset managers’ fiduciary duty of care.
“It is deeply troubling that BlackRock and similar asset managers are concealing information from their investors about Chinese market risks,” Drummond said. “There is a disturbing pattern among these firms of whitewashing the very real threats posed by Communist China. I intend to get answers from these asset managers and to hold them accountable to the law.”
The other companies receiving the questions are StateStreet, Invesco, JPMorgan, Goldman Sachs, and Morgan Stanley.
The coalition of AGs they have demanded the asset managers answer their questions regarding their Chinese investments by March 10.
The other states participating are Alabama, Idaho, Indiana, Iowa, Kansas, Mississippi, Missouri, Montana, North Dakota, Ohio, South Carolina, South Dakota, Texas, Virginia, West Virginia, and Wyoming.
