00:00It's Benzinga, bringing Wall Street to Main Street.
00:02New York City Comptroller
00:04Mark Levine opened a competitive review Friday of BlackRock's investment management contracts,
00:09covering the city's public equity index portfolios. New York City oversees about
00:14$127 billion in public equity assets, including roughly $80 billion in passive index funds.
00:20BlackRock currently manages about $62 billion of those holdings,
00:24a mandate last competitively bid in 2017 and extended twice since.
00:30Former Comptroller Brad Lander recommended in November 2025 that BlackRock's U.S. public
00:35equities index mandate be rebid over concerns the firm had reduced climate pressure on portfolio
00:41companies. Levine said the office will conduct a rigorous review process under city procurement
00:46rules. Mayor Zoran Mamdani has indirect influence over city pension governance, but has not publicly
00:52commented on the BlackRock rebid or the pension fund's climate review. Mamdani's office did not
00:58immediately respond to Benzinga's request for comment. For all things money, visit Benzinga.com.
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