BlackRock Dismayed by Texas Fund Decision to Divest $8.5 Billion in Assets

BlackRock has asked Texas authorities to reconsider the withdrawal of $8.5 billion in assets of the Permanent School Fund from the asset manager. The decision to withdraw from BlackRock was announced earlier this week by the Texas State Board of Education Chair, who cited the 2021 law that Texas passed to penalize financial firms that, according to state authorities, discriminated against energy companies. "We urge you to reconsider your decision and prioritize Texas schools and families who have benefited from BlackRock's consistent, long-term…