BlackRock’s $4 Billion of Texas Assets Undercuts Divestment Vows

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 ...