As Elliott Moves In, BP Investment Case Splits ESG Fund Market

As Elliott Investment Management pressures BP Plc to abandon its renewable-energy ambitions, ESG fund managers can’t agree on how to treat the UK oil giant.

BP’s pledge to beef up investments in oil and gas — and slash its commitments to renewable energy — has coincided with ESG fund inflows into the company of $200 million since late February. ESG fund outflows from BP, meanwhile, were $315 million, resulting in net withdrawals of $115 million, according to data compiled by Bloomberg.