New York State Deferred Compensation Plan hired BlackRock to provide fixed-income cash-management services for the plan's Stable Income Fund, the governing board for the plan voted Feb. 24 at its quarterly meeting.
The board approved a 10-year contract for BlackRock effective July 1.
BlackRock is the incumbent provider of cash-management services. It was chosen among 12 financial firms that answered an RFP issued in November.
The Stable Income Fund has $9 billion in assets, or 28% of the plan's $31.8 billion in total assets.
The cash-management component accounts for $226 million of the Stable Income Fund's assets. It serves as a liquidity buffer to deal with immediate cash -flow needs.