01:31 PM EDT, 04/05/2024 (MT Newswires) -- BlackRock ( BLK ) has been replaced as a money manager for the Texas Permanent School Fund by Dimensional Fund Advisors and Intech, according to Bloomberg, which cited a spokesperson for the $53 billion pension fund.

Last month, the pension fund said it was terminating two contracts for investment management services with BlackRock ( BLK ) in accordance with a Texas state law requiring it to divest assets managed by firms that boycott energy companies. BlackRock ( BLK ) manages $8.5 billion worth of the pension fund's assets.

Bloomberg reported that BlackRock's ( BLK ) contracts with the pension fund will cease on April 30.

Representatives for the Texas Permanent School Fund, Dimensional Fund Advisors, and Intech did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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