Divestment: why do major asset managers plan it over years?

Question

I've read several articles about asset managers/owners pledging to divest from fossil fuels. They seem to announce their intention and then proceed to divest over months or years.
Why do they proceed that way, instead of for instance selling the assets they own first? (the article I linked to above mentions that the Norwegian fund's announcement alone made their own assets drop in value)
My question is not about the morals of divestment, but rather about the market or legal mechanisms that make these large organizations proceed over long periods of time.

RonJohn · Accepted Answer

The reference article says this about the holdings they wish to divest:

The strategy shift ... will affect 1.2% of its equity holdings, worth about 66bn Norwegian krone (£5.7bn).

That's $7.7 billion, which is a LOT of money.  To sell it all at once would make those stock shares plummet because of the sudden glut of supply.
Thus, they slowly sell bits over months (even years) to maintain value.
(Plus, it's a one trillion dollar fund, not your 401(k).  I'm sure it takes time to organize it all.)

Divestment: why do major asset managers plan it over years?

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