Texas on Tuesday said it is divesting $8.5 billion from asset manager behemoth BlackRock over the company’s anti-fossil fuel policies.that the $53 billion Texas Permanent School Fund delivered an official notice to BlackRock “terminating its financial management of approximately $8.5 billion in Texas’ assets.”
Today, Texas Permanent School Fund leadership delivered an official notice to global asset manager BlackRock terminating its financial management of approximately $8.5 billion in Texas’ assets.Kinsey said it divested from BlackRock in compliance with the state’s 2021 law restricting investments with companies that boycott fossil fuel companies. TexasBlackRock is helping millions of Texans invest and save for retirement.
“Today represents a major step forward for the Texas PSF and our state as a whole,” Kinsey said in a statement. “The PSF will not stand idle as our financial future is attacked by Wall Street. This bold action helps ensure our PSF remains in fact permanent and will continue to support bright futures and opportunities for generations of Texas students.
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