California State Savings Plus Program, Sacramento, has filed an intent to hire notice for BlackRock to manage three index funds and Northern Trust Asset Management to manage two others, said Patricia McConahay, a spokeswoman for the California State Department of Human Resources.
The new contracts will start Feb. 1 and go for five years. Previously, Ms. McConahay said Northern Trust was the manager of all five funds, which had a total of $3.45 billion in assets as of June 30.
BlackRock was selected to manage three funds with benchmarks to the large-cap S&P 500 index, midcap S&P 400 index and Barclays Capital U.S. Aggregate Bond index. As of June 30, the S&P 500 index fund had $1.67 billion in assets; S&P 400, $432 million; and Barclays index, $714 million.
Northern Trust will manage the other two funds with benchmarks to the small-cap Russell 2000 index and the international equity MSCI ACWI ex-U.S. Investible Market index. The index funds had $200 million and $429 million in assets, respectively, as of June 30.
The savings plan had $10.4 billion in assets as of Sept. 30.
