FTI axed by clients in fallout over oil industry work | Financial Times

FTI Consulting has been dumped by at least three of its clients while several global asset managers are reviewing their relationship with the business advisory and public relations consultancy, as the fallout from a media report about controversial work for the oil industry intensifies.  MSCI, the ratings and index provider and CDP, a non-profit group that collects climate data from companies, said they have dismissed the PR firm. First Sentier, the $145bn fund manager formerly known as First State, has also cut links with FTI, said people familiar with the discussions. Morningstar, the investment data company, said it is seeking potential replacements for FTI, although the public relations company is able to rebid for the contract. The Financial Times had previously reported that MSCI, Morningstar and CDP had launched reviews after the New York Times published a story about FTI’s tactics this month. M&G, the London-listed fund house, and Legal and General Investment Management, the UK’s largest asset manager with $1.5tn in assets, are among the large investors that requested urgent meetings with the PR house over the media report, according to people familiar with the matter.  A CDP spokesperson said the company had “seen only professionalism” from its direct contacts at FTI, but “the agency operates as one brand and CDP needs to ensure transparency globally from any agency we work with”.

FTI axed by clients in fallout over oil industry work | Financial Times

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