BlackRock, State Street May Be Replaced as Managers of New York City Pension Funds

The city’s comptroller announced it is seeking bids to manage $127 billion in municipal pension money.

The midtown Manhattan skyline is pictured from the top of the Empire State Building in New York City on March 3, 2026. CHARLY TRIBALLEAU / AFP via Getty Images

New York City’s $127 billion pension funds are seeking bids to potentially replace BlackRock and State Street as their asset managers.

On June 12, Comptroller Mark Levine and trustees of the city’s five public pension systems announced they were looking for new fund managers to manage the city’s pension money, most of which is invested in “passive investments” like index funds. BlackRock, the world’s largest asset manager, and State Street are currently in charge of these funds.