BlackRock is pulling out of a United Nations-sponsored climate initiative, a remarkable U-turn for a company that was once a poster child of the environmental, social and governance investing movement.

BlackRock has become the latest financial firm to bail out of a major climate change group in the wake of Donald Trump’s election as US president and heightened regulatory scrutiny. The world’s largest money manager told institutional clients in a letter on Thursday that it had quit Net Zero Asset Managers,

BlackRock, the world's biggest asset manager, said on Thursday it will leave the Net Zero Asset Managers initiative, Wall Street's latest environmental step-back amid antitrust concerns raised by Republican politicians.

BlackRock (NYSE:BLK), the U.S.'s largest asset manager, has decided to exit a major climate group, succumbing to pressure from Republican politicians who have criticized the firm's commitment to addressing global warming,