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BlackRock To Be Replaced By Dimensional And Intech In Texas

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BlackRock To Be Replaced By Dimensional And Intech In Texas

(CTN News) – After announcing last month that it would terminate BlackRock’s management of $8.5 billion in assets, the Texas Permanent School Fund has chosen Dimensional Fund Advisors and Intech as its new money management partners.

According to a spokesperson for Texas Permanent School Fund, Dimensional Fund Advisors will handle the largest share of the fund’s assets, but details of how the assets will be allocated have not yet been finalized. There is currently a process underway to select additional managers for the fund, according to the spokesperson.

As a result of a law that passed in Texas in 2021 that prohibits investments with companies that boycott the fossil-fuel industry, the Texas PSF announced in March that it would divest from BlackRock in the wake of the law.

A money manager has been included on a list of financial firms that state Comptroller Glenn Hegar has considered engaging in a boycott against.

In an official statement, BlackRock condemned the decision of the Texas Department of Education to end its two contracts with the firm, calling it “reckless” and detrimental to the finances of the state’s schools and families.

In response to a public records request, the Texas Public Service Fund stated that there were no costs or fees associated with terminating BlackRock’s role as manager of assets, including a portfolio of international equity securities and a fund known as the Navarro 1 Fund LLC.

As a result of the termination of the contracts, PSF told BlackRock last month that the termination will take place on April 30.

As part of the Texas PSF’s management, the state has more than $53 billion in funds available to support the state’s public schools.

An Austin-based investment firm Dimensional Fund Advisors, which has more than $670 billion in assets under management, did not immediately respond to a request for comment.

Founded two years ago, Intech is a West Palm Beach-based quantitative research and asset management firm that spun off from Janus Henderson, a global asset manager.


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Alishba Waris is an independent journalist working for CTN News. She brings a wealth of experience and a keen eye for detail to her reporting. With a knack for uncovering the truth, Waris isn't afraid to ask tough questions and hold those in power accountable. Her writing is clear, concise, and cuts through the noise, delivering the facts readers need to stay informed. Waris's dedication to ethical journalism shines through in her hard-hitting yet fair coverage of important issues.

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