BlackRock was on the verge of losing one of the largest public pension mandates in the country. Now it gets another shot.
New York City Comptroller Mark Levine announced on June 12 an open rebidding process for approximately $42.3B in US public equity index mandates across three major city pension systems. The move effectively gives BlackRock a fresh opportunity to compete for contracts that, just months earlier, city officials had recommended terminating over climate concerns.
The three pension systems in question, NYCERS, TRS, and BERS, are part of a broader portfolio that collectively manages nearly $300B in assets.
From recommended termination to open competition
In November 2025, then-Comptroller Brad Lander recommended rebidding BlackRock’s mandates after concluding the firm’s decarbonization plans were inadequate. Of 49 public-market managers assessed at the time, 46 submitted decarbonization plans that aligned with the pension systems’ expectations. BlackRock was not among the 46.
