BlackRock don get second bid for NYC pension mandates worth $42.3B

New York City Comptroller Mark Levine don announce say dem open rebidding for about US$42.3B wey dey for public equity index mandates across three pension systems: NYCERS, TRS, and BERS. The move give BlackRock second chance after earlier climate-related contract wahala. For November 2025, the Comptroller wey dey then, Brad Lander, recommend make dem rebid BlackRock’s mandates because their decarbonization plans no meet the pension systems’ climate standards. For that assessment of 49 public-market managers, 46 submit climate-aligned plans, but BlackRock no send. Follow-up on April 30 still flag BlackRock (and Fidelity) as dem no align with the standards, wey stress science-based targets and strong engagement policies. Levine method different: instead make dem terminate BlackRock, the city open competition again. BlackRock fit bid alongside other firms for the same US$42.3B mandates. Context matter for investors. Since 2019, the city pension systems don achieve 37% reduction in financed emissions and don deploy more than US$15B into climate-focused investments. The broader five-system effort still pursue aggressive net-zero steps, including divesting from fossil fuel reserve owners and exiting about US$3.8B in those investments. Implication: the fact say 46 of 49 managers meet NYC’s climate criteria show the bar fit reach, but BlackRock earlier strategy get consequences. The outcome fit affect how asset managers adapt climate disclosures and governance to win big institutional mandates.