A bill that would prevent Texas from investing in environmental, social, and governance financial products that boycott Texas energy companies has been passed by the state’s legislative bodies and awaits the signature of Republican Gov. Greg Abbott.
If enacted, the law would affect the state’s six pension funds, including the Employees Retirement System and the Teacher Retirement System of Texas, which manage over $200 billion.
Under the law, Texas’ public pension funds would be required to “sell, redeem, divest, or withdraw all publicly traded securities of [any] financial company” that “boycott[s] energy companies.” The bill defines “boycott[s] energy companies” as “refusing to deal with, terminating business activities with, or otherwise taking any action that is, solely or primarily, intended to penalize, inflict economic harm on, or limit commercial relations with a company because the company: engages in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy and does not commit or pledge to meet environmental standards beyond applicable federal and state law; or does business with a company described [above].”
The bill provides an exemption for the state pension funds from having to divest “indirect holdings in actively or passively managed investment funds or private equity funds” or where divestiture would be “inconsistent with its fiduciary responsibility.”
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
