09:52 AM EDT, 03/22/2024 (MT Newswires) -- (Updates with attribution to the company throughout.)

BlackRock ( BLK ) urged the Texas Permanent School Fund Thursday to reconsider its decision to terminate its contract and pull $8.5 billion in assets.

"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 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.

"The notion that we discriminate against oil and gas is simply false based on the investments we make on behalf of our clients," McCombe wrote, noting that BlackRock ( BLK ) holds more than $320 billion in energy investments, including approximately $120 billion in Texas firms.

The Texas State Board of Education did not immediately respond to MT Newswires' request for comment.

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