JPMorgan’s Fund Unit Leaves Industry’s Net Zero Alliance (1)

JPMorgan Chase & Co.’s asset-management unit is quitting the Net Zero Asset Managers initiative, adding to the growing number of defections from financial industry climate alliances.

The company said in a statement that it made the decision after NZAMi announced earlier this year that it has paused operations because of the changing regulatory environment and client expectations.

The departure of J.P. Morgan Asset Management, which oversees about $3.6 trillion, comes about two months after NZAMi said it was conducting a review to ensure that it remains “fit for purpose.” NZAMi’s announcement quickly followed the departure of BlackRock ...