07:32 AM EDT, 03/22/2024 (MT Newswires) -- BlackRock ( BLK ) has urged the Texas Permanent School Fund to reconsider its decision to terminate its contract and pull $8.5 billion in assets, according to Thursday media reports.

"We urge you to reconsider your decision and prioritize Texas schools and families who have benefited from BlackRock's ( BLK ) consistent, long-term investment out-performance," BlackRock ( BLK ) Vice Chairman Mark McCombe reportedly wrote to Texas State Board of Education Chair Aaron Kinsey.

McCombe noted that BlackRock ( BLK ) has generated $250 million for PSF since 2006 and disputed allegations that the asset manager boycotts oil and gas companies, which Texas cited as the reason for pulling the funds, according to the reports.

BlackRock ( BLK ) and the Texas State Board of Education did not immediately respond to MT Newswires' requests for comment.

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