The Wall Street titan is firing back after the state board of education pulled $8.5 billion from the asset manager’s funds.
Getty Images photo of BlackRock POLAND - 2024/01/03: In this photo illustration, a BlackRock logo is displayed on a smartphone. from the asset manager’s funds, calling the move “reckless” and detrimental to the finances of the state’s schools and families. “Your actions put short-term politics over your long-term fiduciary responsibilities,” Mark McCombe, a BlackRock vice chairman, said in a letter Thursday to Aaron Kinsey, chair of the Texas State Board of Education. “We were dismayed.”McCombe urged Kinsey and the board to reconsider, arguing that The firm’s international investing mandate beat the fund’s own benchmark during that span, generating more than $250 million for Texas, according to the letter.
BlackRock has long disputed this, and McCombe said the $10 trillion money manager holds more than $320 billion of global energy investments, including about $120 billion in Texas-based, publicly traded energy companies.Former Plano teacher sells her BuzzBallz creation to spirits giant Sazerac
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