The Investment Company Institute (ICI) issued the following statement in response to the Texas Comptroller’s announcement affecting member funds:
“The Texas Comptroller’s announcement, which is a step toward having Texas state agencies boycott hundreds of investment funds, will only harm the ability of Texas police, firefighters, teachers, and other state civil servants to save for a secure financial future.
Following yesterday's announcement by @txcomptroller, ICI urges policymakers to prioritize Texas families over partisanship. State pension fund managers must be able to consider a broad range of investments that most appropriately support the needs of Texans, free from politics.
— ICI (@ICI) August 25, 2022
“Texas state pension managers have a fiduciary duty to act in the best interest of state employees. However, a state-mandated boycott of certain funds could restrict their ability to choose from the full range of available investments on behalf of Texas state retirees. This decision impacts billions of dollars in retirement savings for many Texans.
“Access to a range of funds helps drive financial innovation as investors can seek to capitalize on market trends and mitigate risk as part of their investment strategies. The merits of the named ESG-related funds, which operate in a competitive marketplace, should be evaluated primarily by their ability to meet the long-term goals of Texas state retirees. The availability of choice is a significant reason why the US financial markets are the most envied around the world and have been historically one of the most powerful engines of wealth creation for Texans and all Americans.
“We urge Texas policymakers to prioritize Texas families over partisanship. State pension fund managers must be able to consider a broad range of investments that most appropriately support the needs of these Texas savers, free from politics.”
Source: ICI
Jon Hale, Global Head of Sustainability Research at Morningstar:
#Protectionist policies forcing investors to prop up the oil & gas industry won’t save it, but will increase risk for Texas pension plan participants. https://t.co/BUfJmi8RRR
— Jon Hale (@Jon_F_Hale) August 25, 2022
NEWSLETTER SIGN UP
And receive exclusive articles on securities markets
🏆 The 2026 Global Markets Choice Awards are here! 🌍 Nominations are officially OPEN for the celebration of excellence in global capital markets trading & technology. Nominate below:
https://www.jotform.com/form/260086385121150
Delaware Life Insurance Company is becoming the first insurance carrier to offer an index that contains cryptocurrency, adding the BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index to its fixed index annuity (FIA) portfolio.
As the digital assets industry pushes toward
Franklin Templeton is expanding its tokenized fund suite, signaling growing institutional demand for blockchain-based fund infrastructure and regulated investment products moving onchain. Read the full article below:
$50 billion in active ETF inflows helped fuel a record year for @BlackRock 's iShares business, as investors continue to lean into active strategies.
Related articles
-
FundOS offers managers a streamlined path to tokenization without rebuilding the way their funds already run.
-
The ETF is available in a CZK-hedged share class to meet the needs of Czech investors.
-
The asset manager bought distribution and marketing of 11 Select Sector SPDR ETFs in-house last year.
-
Net inflows in the first quarter were a record $626.4bn.
-
The suite is available on the Calastone Tokenised Distribution Network.