$25 billion in passive public equity assets will be managed by BNY Investments under a new mandate from PennPSERS, marking a major outsourcing decision by the Pennsylvania school employees' retirement system.
The award centers on passive public equities, giving BNY a large role in a core portfolio segment rather than an active or alternative allocation.
The mandate lands as scale increasingly dominates asset management, with industry dynamics favoring the largest firms in winning and servicing very large institutional assignments.
Pensions & Investments' annual money manager survey shows the biggest firms are expanding faster than the roughly $100 trillion asset-management industry overall.