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

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 ImagesNew York City’s $127 billion pension funds are seeking bids to replace BlackRock and Fidelity 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 Fidelity are currently in charge of these funds.