(Bloomberg) -- BlackRock Inc. is bolstering its government-relations staff with a new hire in Austin as the money manager fends off criticism from Texas Republicans.
The world’s largest asset management company hired Danner Bethel as director of US state and local government affairs for the southern region, according to an internal memo seen by Bloomberg. Bethel previously served as a senior advisor at Crumpton Global, a strategic advisory firm, and worked in former President George W. Bush’s administration.
BlackRock is on a list of companies that the state’s comptroller says “boycott” the fossil fuels industry, limiting the business it can conduct with the state. Earlier this year, the Texas Permanent School Fund divested $8.5 billion from the firm.
Texas, despite its efforts to crack down on so-called ESG investment practices that take environmental, social and governance factors into account, is still a key priority for finance companies like BlackRock.
In February, BlackRock hosted an event in Houston focused on the state’s power grid in which Chief Executive Officer Larry Fink took the stage with Lieutenant Governor Dan Patrick. The firm is also backing an upstart Texas stock market, a potential boost for a state trying to grab more of the financial services industry.
“Danner’s arrival will bolster our ability to deliver expertise, insights, and resources to policymakers across the region and expand our capacity to leverage BlackRock’s convening power through engagements like the Texas Power Grid Investment Summit,” the memo said. Bethel will report to Jane Moffat and be based in Austin.
A spokesperson for BlackRock confirmed the contents of the memo.
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