New York City Board of Education, with $1.9 billion in assets, hired...

New York City Board of Education, with $1.9 billion in assets, hired Merrill Lynch to manage $700 million in a passive Russell 3000 U.S. index strategy, replacing Deutsche Asset Management, said Nicole Lise, spokeswoman for New York City Comptroller Alan Hevesi. The selection is subject to successful contract negotiations. Deutsche, whose contract is due to expire, re-bid for the mandate. Its team of index managers moved to Merrill last July.