NYC Seeks Bids for Funds Run by BlackRock, State Street (2)

New York City’s pension system said it’s seeking bids for roughly $92 billion of stock index-tracking funds now overseen by BlackRock Inc. and State Street Investment Management.

The existing contracts expire by the end of the year, and all interested firms, including BlackRock and State Street, will be eligible to submit proposals by July 15 to manage the portfolios, the office of City Comptroller Mark Levinesaid Friday. BlackRock oversees about $65 billion of passively run equity funds for the pension plans, while State Street manages more than $27 billion.

Delivering the strongest returns requires an “ongoing review of ...