US Fund Managers With ESG Mandates Have Worst-Ever Outflows

• US ESG funds had $8.8 billion of withdrawals in first quarter
• Global inflows were a modest $900 million, buoyed by Europe

US fund managers suffered their worst-ever quarter for ESG-focused products as the pace of client redemptions intensified.

Client withdrawals from US funds targeting environmental, social and governance goals reached $8.8 billion in the first three months of 2024, according to fresh data compiled by Morningstar Inc. That stood in stark contrast to the roughly $11 billion of inflows into ESG funds in Europe, where sustainable investing regulations are far more entrenched.

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