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BlackRock pushes back after Texas withdraws $8.5 billion investment

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BlackRock pushed back on Texas' decision to pull a roughly $8.5 billion investment for its Permanent School Fund from the asset manager over an alleged boycott of oil and gas companies.

The world's largest asset manager, BlackRock, is pushing back on Texas' decision to withdraw roughly $8.5 billion in assets belonging to the Texas Permanent School Fund over what the state says is a boycott of energy companies.

We've come to learn that not all Texas PSF board members were made aware of your decision before it was announced and did not have an opportunity to ask questions or share views," McCombe wrote. "How our clients invest and whom they entrust to manage their money is entirely their decision, but we feel an action of this magnitude warrants transparency and consensus – not political-driven decision making. Texas schools and families deserve that.

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