 By Isla Binnie
NEW YORK, March 19 (Reuters) – A Texas school fund told BlackRock (BLK.N), opens new tab on Tuesday it was terminating its contract to manage around $8.5 billion of state money, accusing the investment giant of boycotting fossil fuel energy producers, who represent a large part of the state’s industry.
BlackRock has denied it is engaged in any boycott, saying the money pulled is a tiny sliver of the $10 trillion in assets that it manages.
The move by the Texas Permanent School Fund, however, highlights how BlackRock and other asset managers continue to attract controversy in some Republican-run states over environmental, social and corporate governance (ESG) investing.
Read Full Article Here…(reuters.com)
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