BlackRock rolls out Texas ETF as Lone Star State draws capital, companies
Flags fly at BlackRock headquarters in New York, on Jan. 13, 2021. (Mark Lennihan / AP)
BlackRock on Tuesday launched a Texas-focused exchange-traded fund, as the asset manager aims to tap into the state's growing reputation as a magnet for companies, capital and jobs in the United States.
The Lone Star State's low taxes, business-friendly policies as well as growing tech and energy sectors have attracted investors and asset managers looking to tap into its long-term growth potential.
BlackRock said the iShares Texas Equity ETF will invest in companies headquartered in the state. Such funds are popular for offering low-cost, tax-efficient access to regional or sector-specific growth in a single trade.
The world's largest asset manager said Texas is home to one in ten publicly traded U.S. companies, and that more than 300 firms have relocated their headquarters to the state since 2015.
Elon Musk-led Tesla and SpaceX, as well as tech giants Oracle and Hewlett Packard Enterprise, have moved to the state in recent years.
'TEXN presents a new opportunity ... to capitalize on Texas' twin engines of business and population growth,' said BlackRock's Head of the Americas Client Business Joe DeVico.
The Texas Stock Exchange, a new venture backed by financial giants including BlackRock, Citadel Securities and Charles Schwab, is targeting a 2026 launch, reflecting Wall Street's growing interest in the state.
The asset management giant has had a complicated relationship with officials in Republican-leaning states in recent years over its climate-focused investment policies.
Texas lawmakers accused the firm of boycotting the fossil fuel industry, which BlackRock denied, citing continued investments in energy companies.
Earlier this month, Texas removed BlackRock from a list of companies it viewed as hostile to the energy sector, after the firm scaled back several key climate commitments.
BlackRock said it manages nearly US$380 billion in assets tied to public companies in Texas, including about US$115 billion in the state's oil and gas sector, making it one of the largest investors in the region.
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Reporting by Manya Saini in Bengaluru; Editing by Sriraj Kalluvila and Alan Barona
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