Group Billed as Advocate for Main Street Takes on Fund Giants

Big investment managers such as BlackRock Inc., Vanguard Group, and State Street Corp. have too much sway over the companies they hold and are using it to “play politics” with other people’s money, according to a new campaign launched by members of Washington’s business lobby.

The National Association of Manufacturers (NAM) and other trade associations that make up the Main Street Investors Coalition are billing themselves as advocates for individuals saving for retirement. The coalition is taking on top mutual fund managers and the nation’s largest public pension funds for becoming more vocal on issues from climate change to gun ...