Assets in IShares ESG Fund Drop 91 Percent After Biggest Investor Reduces Ownership

People are seen in front of a showroom that hosts BlackRock in Davos, Switzerland, on Jan. 22, 2020. Arnd Wiegmann/Reuters

The iShares ESG MSCI EM Leaders ETF suffered heavy outflows this week, according to public data, leading to a tenfold drop in the assets managed by the exchange-traded fund focused on sustainable emerging-market companies.

Finland’s Ilmarinen Mutual Pension Insurance Company owned 13 million shares in the ETF in September, making it the No.1 investor in the fund at the time, Refinitiv data shows.