A green alliance of asset managers including Australia's Macquarie Group (ASX:MQG) and Magellan Financial Group (ASX:MFG) has suspended activities in the wake of BlackRock's exit, according to the group's Monday statement.

"Recent developments in the U.S. and different regulatory and client expectations in investors' respective jurisdictions have led to [Net Zero Asset Managers (NZAM)] launching a review of the initiative to ensure NZAM remains fit for purpose in the new global context," said the coalition.

All activities are now on pause, while the group's commitment statement and signatories are no longer available on its website.

The suspension follows the departure of BlackRock on Jan. 9.

NZAM had more than 325 asset managers, with combined $57.5 trillion in assets.