Nearly two years into a campaign by Republicans in the US to punish BlackRock for insisting that climate change carries financial risk, red state investment funds have pulled about $13.3bn from the world’s largest asset manager.

The latest loss — and the largest removal to date by Republican-run pension funds — comes from the Texas Permanent School Fund, which announced earlier this month that it would pull $8.5bn at the end of April. Can BlackRock stop this divestment trend? Get the full story here: https://on.ft.com/3VynaBc

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