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Texas Permanent School Fund pulls $8.5B from BlackRock

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BlackRock will likely lose out on millions in management fees, while the state will need to find another investment that could match the firm's returns.

The state’s Permanent School Fund is pulling $8.5 billion from funds managed by BlackRock over concerns the world’s largest financial firm boycotts fossil fuels, Texas State Board of Education Chair Aaron Kinsey said Tuesday. “BlackRock’s destructive approach toward the energy companies that this state and our world depend on is incompatible with our fiduciary duty to Texas,” Kinsey wrote on social media.

Texas laws targeting ESG have cost taxpayers $270 million, study says The PSF previously sold its shares in BlackRock to comply with a 2021 Texas law prohibiting the state’s public pensions and investment funds from doing business with companies that “boycott” energy companies. The fund had continued to allow BlackRock to manage PSF investments. Kinsey announced the decision on Tuesday, buy it was discussed at the board’s February meeting.

 

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