BlackRock Ditched by Texas Fund Shows Limits of Fink Persuasion

It was just weeks ago when BlackRock Inc. Chief Executive Officer Larry Fink took the stage with Texas Lieutenant Governor Dan Patrick at an industry event in Houston.

The chummy meeting between the Republican politician and the head of the investment behemoth — Patrick praised Fink as the “King of Wall Street” — led to speculation that the state’s tensions with BlackRock over its fossil fuel policies were easing, if not over.

Aaron Kinsey didn’t get that memo. The chairman of the Texas State Board of Education on Tuesday delivered notice to BlackRock that the state’s $53 billion fund for ...