BlackRock hirings were $4.9 billion in 2022 while terminations were $10.2 billion, netting to -$5.3 billion, based on data collected by Pensions & Investments. There were 13 hires and 11 terminations.
Year to date, there were seven hirings totaling $1.3 billion with no terminations.
Last year, global equity had net terminations of $6.8 billion attributable solely to the U.K.'s Universities Superannuation Scheme switching to Legal & General Investment Management due to a new climate focus approach.
There were also terminations driven by an anti-ESG push by certain states, such as the Florida Treasury removing $2 billion in fixed income and other traditional categories in December. In October, the Louisiana Department of Treasury shifted $794 million out of the asset manager, citing BlackRock's net-zero commitment.
This year, BlackRock won a $1 billion mandate from the New York State Common Retirement Fund to manage a commingled global equities account. This account has been benchmarked to the MSCI Climate Change index.
