More than $52 billion was at stake in hires for the third quarter, up more than 29% from the previous quarter and an increase of 38% from the third quarter of 2012. The two main drivers of the increase were the South Carolina Retirement Systems' $6.4 billion passive global equity mandate, which was split evenly between BlackRock Inc. and State Street Global Advisors, and Delta Air Lines Inc.'s $8.2 billion outsourced CIO hire of Wurts & Associates for Delta's defined benefit plan.
Global equity hires led Q3 2013 activity
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