March 10, 2023      1:50 PM
DMN: Texas teacher pension fund shed $500M in BlackRock investments over fossil fuel law
The scoop from Allie
Morris at the Dallas Morning News:
The state’s biggest
pension fund shed more than $500 million worth of investments in BlackRock –
the world’s largest asset manager – to comply with a new law meant to punish
companies that snub fossil fuels. The Teacher Retirement System of Texas also
unloaded smaller positions in UBS Group, BNP Paribas, Nordea Bank and several
other financial institutions.
Records of the
divestments, released by TRS this week in response to an open records request,
provide the first details on how state pensions are affected by the 2021 law
passed by the GOP-led Legislature. While the total amount is relatively small
for a fund with $179.7 billion in assets under management at the end of the
year, the disclosure shows the law is shaping TRS investments.
A spokesman for the TRS
said the pension trust fund “is abiding by the statute,” but did not answer
questions about how the law is affecting its overall portfolio.
BlackRock did not respond
to a request for comment.