The state comptroller sent letters to government employee pension funds warning them they...
prohibiting state agencies that invest funds from putting money in financial companies that limit business with the fossil fuel industry.after the law was enacted, the letters note, and state agencies are expected to cut ties with them. Among the investment firms on the state’s banned list, New York-based BlackRock appears to be the most scrutinized. The company has some $10 trillion under management.
The demands laid out by Hegar increase pressure on state agencies that manage hundreds of billions of dollars in assets to completely cut off the firms on the list. While the state firms indicated they didn’t own direct stakes in the financial companies, Hegar said an examination of their holdings and business relationships showed some still had investment funds issued by the companies or were paying the firms for services such as analytics or risk management.
Bloomberg reported last week that the Teacher Retirement System of Texas uses BlackRock to manage about $4 billion of its assets — or about 2.2 percent of the $179.7 billion total. A system spokesman said the money manager was following state law about the proper divestments. BlackRock is mentioned in five of the letters — those that went to the Texas Municipal Retirement System, the Employees Retirement System of Texas, the Texas Emergency Services Retirement System, the Teacher Retirement System of Texas and the Texas Permanent School Fund. The sixth letter, to the Texas County & District Retirement System, mentioned its relationships with UBS and Credit Suisse.
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