Reclaim Finance and Urgewald, two non-profit environmental campaigning groups, analysed a sample of 29 leading asset managers between February and March this year, which together oversee $41tn (€34tn) in both passive and active investments globally, and found just a quarter of these were covered by coal exclusion policies.The failure to tackle coal investments was even more stark for the largest passive managers for which data was readily available: BlackRock, Vanguard, State Street, Invesco, JPMorgan, UBS, Legal & General Investment Management, Amundi and DWS.