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Jun 13, 2026 4:00 AM

BlackRock Gets Another Shot At NYC's Massive Pension Mandate

BlackRock Inc. (NYSE:BLK) got a rebid opportunity to retain New York City pension mandates on Friday, as Comptroller Mark Levine opened a competitive review despite prior climate-related concerns over the asset manager's stewardship approach.

The review covers investment management contracts for the city's public equity index portfolios.

New York City oversees about $127 billion in public equity assets, including roughly $80 billion in passive index funds. BlackRock currently manages about $62 billion of those holdings. The mandate was last competitively bid in 2017 and has been extended twice.

Levine Opens Procurement-Led Review Process

The move follows a November 2025 recommendation from former Comptroller Brad Lander to rebid BlackRock's U.S. public equities index mandate due to concerns that it had weakened climate pressure on portfolio companies. He urged trustees to reopen the mandate after a Net Zero Implementation Plan review of 49 asset managers found that 46 met the city's decarbonization standards, while BlackRock, ...

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