Citigroup Inc., New York, hired BlackRock (BLK) to manage eight passive investment options and one active fixed-income fund in its 401(k) plan for a total of up to $7.4 billion, the company disclosed in its 11-K filing with the SEC earlier this month.
BlackRock replaced State Street Global Advisors as manager of all the investment options. The filing names the new passive BlackRock options as a Bloomberg Barclays U.S. Treasury Inflation-Protected Securities index fund, a Bloomberg Roll Select Commodity index fund, an MSCI EAFE index fund, an MSCI Emerging Markets index fund, a Russell 2000 index fund, a Russell 3000 index fund, an S&P 500 index fund and an S&P MidCap 400 index fund.
As of Dec. 31, the eight SSGA passive investment options for which the filing provided an asset amount were:
- SSGA S&P 500 Index Fund, $3 billion;
- SSGA International Index Fund, $914 million;
- SSGA Russell All Cap Index Fund, $895 million;
- SSGA S&P MidCap 400 Index Fund, $806 million;
- SSGA Russell Small Cap Index Fund, $569 million;
- SSGA Emerging Markets Index Fund, $282 million;
- SSGA U.S. Inflation Protected Bond Index Fund, $162 million; and
- SSGA Bloomberg Roll Select Commodity Index Fund, $42 million.
The company also added the BlackRock U.S. Bond Fund, replacing the SSGA Diversified Bond Fund, which held $692 million in assets for the plan as of Dec. 31. All changes, for which a reason was not provided, were effective March 29.
As of Dec. 31, the Citi Retirement Savings Plan had $14.3 billion in assets, according to the 11-K filed on June 12.
Officials at Citigroup were not immediately available to provide further information.