New York State Deferred Comp sticks with BlackRock as cash, transition manager
By Kevin Olsen | February 26, 2013 12:34 pm
New York State Deferred Compensation Plan, Albany, rehired BlackRock (BLK) as cash manager and transition manager, confirmed Edward Lilly, executive director of the $14.3 billion plan.
As cash manager, BlackRock runs about 5% of the assets in the plan's stable income fund, which now has about $6 billion. BNY Mellon, Payden & Rygel and J.P. Morgan Asset Management (JPM) were also finalists.
BNY Mellon and Northern Trust were finalists in the transition manager search.
The rehire is subject to negotiations, and the contracts are expected to be for 10 years, Mr. Lilly said in an e-mail.
RFPs were issued in October.
