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
It's been a month since we had our Women In Finance Awards in New York City at the Plaza! Take a look back tab some moments, and nominate for our upcoming awards in Mexico City and Singapore here: https://www.marketsmedia.com/category/events/
4
Citadel Securities told the SEC that trading tokenized equities should remain under existing market rules, a position that drew responses from various crypto industry groups. @ShannyBasar for @MarketsMedia:
SEC Commissioner Mark Uyeda argued that private assets belong in retirement plans, saying diversified alts can improve risk-adjusted returns and that the answer to optimal exposure “is not zero.” @ShannyBasar reporting for @MarketsMedia:
COO of the Year Award winner! 🏆
Discover how Jennifer Kaiser of Marex earned the 2025 Women in Finance COO of the Year recognition.
Related articles
-
The fund will focus on the small and mid-market.
-
PME's equity portfolio will be managed by two asset managers instead of three.
-
J.P. Morgan and State Street have launched tokenized funds.
-
The commercial paper deal is one of the earliest debt issuances on a public blockchain.
-
This includes modernizing e-delivery rules and expanding pathways to qualify as accredited investors.