Institutional Investor reports: A focus on environmental, social, and governance issues isn’t giving asset managers the leverage to charge higher fees — at least those who invest in U.S. stocks.

The ESG scores of the more expensive U.S. equity managers are not significantly higher than those of their peer group, according to the latest study from Investment Metrics, a portfolio analytics company. The study comes as critics have raised concerns that some asset managers are getting into ESG — at least in part — because investors are more willing to pay higher fees for the strategies.