Texas’ Largest Pension Divests From BlackRock to Comply With Law

Texas’ biggest pension fund has divested its direct ownership stakes in BlackRock Inc. and several other financial firms to comply with a state law prohibiting investing in companies deemed to be discriminatory against the oil and gas industry.

The Teacher Retirement System of Texas sold shares in BlackRock, Credit Suisse Group AG and several other firms and funds to remain in compliance with the law, according to a letter to Texas officials dated Dec. 31 and obtained by Bloomberg on Monday. The letter from Executive Director Brian Guthrie didn’t cite the value of the divestitures. The pension has about $173 ...