State Street to Battle BlackRock, DWS With New Sustainable Funds
- The ESG ETFs will include value, growth and debt strategies
- Rivals have gathered assets with cheap sustainable products
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State Street Corp. is almost doubling its line-up of socially-responsible exchange-traded funds as it looks to compete with the likes of BlackRock Inc. and Deutsche Bank AG’s DWS Group in the burgeoning market for values-oriented investing.
The Boston-based asset manager plans to create five ETFs that will focus on companies with better environmental, social and governance characteristics, according to regulatory filings Tuesday. The funds will track indexes provided by Bloomberg LP, the parent company of Bloomberg News, which distributes and develops fixed-income and equity benchmarks.