BlackRock Still Manages $4 Billion of Texas Assets Despite Divestment Vows
- Texas Republicans have blasted BlackRock for ESG practices
- But firm still manages assets for state’s largest pension fund
Republican Governor Greg Abbott
Photographer: Jordan Vonderhaar/BloombergThis article is for subscribers only.
BlackRock Inc. manages more than $4 billion in funds for the biggest public pension in Texas, undercutting claims by Republican Governor Greg Abbott that the state has cut ties with the world’s largest asset manager because of its advocacy of sustainable investing.
The Teacher Retirement System of Texas sold all its shares in BlackRock by the end of 2022 to comply with a state law that prohibits government entities from directly investing in finance firms that are deemed to “boycott” the fossil fuel industry. However, the TRS still uses BlackRock to manage about $4 billion of its assets — or about 2.2% of the $179.7 billion total — according to documents obtained by Bloomberg News under public records laws.