New York City Deferred Compensation Plan hired BNY Asset Management to...

New York City Deferred Compensation Plan hired BNY Asset Management to run its $2 billion S&P 500 index option, said Dean Weltman, plan compliance officer for the $6 billion plan. The option's previous manager, Vanguard, ran it as a commingled fund; BNY Asset offered the option of a separately managed account, in addition to overall cost savings, said Mr. Weltman. Vanguard and Northern Trust were finalists. Mercer Investment Consulting assisted.