BlackRock Condemns Texas Fund’s Divestment of $8.5 Billion
- Texas education chair announces that schools fund will divest
- Texas Permanent School Fund manages roughly $53 billion
BlackRock headquarters in New York.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
Texas’s decision on Tuesday to divest $8.5 billion from BlackRock Inc. — citing the investment company’s fossil fuel policies — drew a sharp rebuke from the world’s largest asset manager, which said it would hurt schools in the state financially.
Aaron Kinsey, the Republican chairman of Texas State Board of Education, said that the $53 billion Texas Permanent School Fund had delivered an official notice to BlackRock “terminating its financial management of approximately $8.5 billion in Texas’ assets.”