Rockefeller Fund, which was founded on oil, looking to rid itself of fossil-fuel investments

"The Rockefellers, whose family fortune sprung from oil, said Monday that their fund is working on a plan to divest itself of fossil-fuel interests," Michael Calia reports for The Wall Street Journal. "By the end of this year, the Rockefeller Brothers Fund will reduce its investment in coal and tar sands to less than 1 percent of its total portfolio."

The Rockefellers also plan to divest itself of holdings "as quickly as is prudent over the next few years," Calia writes. "In uncertain and volatile markets, these financial goals are not easy to achieve," the $860 million fund said on its website. "Therefore, our divestment from fossil fuels, which is now under way, will be accomplished through a careful process of evaluating our exposure and a phased approach that proceeds as quickly as is prudent."

The fund was set up in 1940 but since 2010 "has sought to diversify its holdings to include investments in more sustainable energy initiatives and other, similar kinds of development," Calia writes. "That year, it said, the fund's board of trustees approved a commitment of as much as 10 percent of its endowment to investments that match the goals of its sustainable development program." (Read more)