Many of the world’s largest asset managers remain wary of allowing clients in pooled funds to vote their shares, despite growing frustration from asset owners.
While Legal & General Investment Management (LGIM) - the UK’s biggest investment house - told RI that ‘split voting’ was the “undoubted direction of travel”, State Street, Vanguard and abdrn all said they had no plans to implement it, although they are monitoring ongoing developments. Fidelity declined to comment.
A spokesperson for State Street, one of the three largest asset managers globally, told RI it was aware some of its clients would like it to implement voting preferences. “Although some barriers remain in place which can restrict our ability to apply a client-specific voting policy when investing via a pooled fund structure, we are committed to monitor ongoing developments on this issue and review our policies going forward.”
A spokesperson for fellow ‘Big Three’ asset …