ASB investment arm extols relationship with ‘vulture fund’ BlackRock in job ad

A recent job advertisement for a Chief Investment Officer at ASB General Investments has caused a stir on social media with the bank extolling its relationship with ‘vulture fund’ BlackRock.

It’s not clear when the ad was placed, but a recent report confirms the bank was still looking to fill the position as of 22 October. The ad does not appear on the bank’s careers page,  indicating applications may have closed.

The ad said, “With over $20 bullion of funds under management and over half-a-million customers, ASB General Investments is one of New Zealand’s largest and most successful investment management providers. With the appointment of BlackRock as their designated investment partner, ASB investment customers will benefit from the global expertise of the largest investment management firm in the world.”

BlackRock has been involved in a range of controversial dealings, including:

• Debt Cycle Profiteering: BlackRock heavily invests in the debt of developing countries like Ethiopia, Ghana, and Sri Lanka, lobbying against debt relief to ensure ongoing interest payments, which keeps these nations in perpetual financial dependency.
• Turning Homeownership into Rental Dependency: Since 2008, BlackRock, along with similar funds, has acquired tens of thousands of homes across the U.S., turning many Americans into permanent renters by inflating housing costs and limiting affordability.
• Market Manipulation: Accused of manipulating markets, such as dumping large stakes to impact prices (e.g., UniCredit Bank in 2011), BlackRock has also faced allegations of similar behavior with cryptocurrencies, though not yet proven legally.
• Political Lobbying for Favourable Regulations: In 2022 alone, BlackRock spent $2.4 million lobbying U.S. politicians to ensure regulations, tax policies, and other measures that benefit its managed companies.
• Pandemic Profiteering: BlackRock’s timely investments in vaccine producers AstraZeneca, Pfizer, and J&J during the COVID-19 pandemic contributed to a sharp rise in its assets, from $7.43 trillion in 2019 to over $10 trillion by 2021.
• War Profiteering: Holding stakes in major defense manufacturers and influencing U.S. foreign policy, BlackRock has been a major investor in defense contractors like Raytheon and Lockheed Martin, leveraging conflict zones like Ukraine and Gaza for profit under the guise of “reconstruction” and development funding.
• Undermining Sovereignty: BlackRock’s involvement in financing projects in conflict areas has been criticised as a means to exercise corporate control over national assets, effectively eroding state sovereignty in favour of corporate profit.

Interesting, very interesting. So Blackrock partnering with ASB in little ol’ NZ? A stupendously big organisation with an Aussie bank, but no doubt all for kiwis ey? Didn’t JA have a wee visit about this in NY where they wouldn’t release the info?@nzpoliticsgroup… pic.twitter.com/k1NXScfMhK

— Really, oh sure! (@reallyohsure) October 21, 2024