Louisiana to pull $794 million out of BlackRock funds

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Louisiana to pull $794 million out of BlackRock funds

People are seen in front of a showroom that hosts BlackRock in Davos.

State Treasurer John Schroder said on Wednesday that Reuters- Louisiana will pull $794 million out of BlackRock Inc's funds.

Schroder said this divestment is necessary to protect Louisiana from mandates BlackRock has called for that would cripple our critical energy sector.

He said that the U.S. state has already withdrawn $560 million from the funds.

The company, which had nearly $8.49 trillion of assets as of June 30, has faced criticism from many sides in the debate on low-carbon fuels.

While environmentalists have protested that the world's largest asset manager does not press for change at fossil fuel portfolio companies, Republican politicians have accused it of boycotting energy stocks.