$10.6 billion in British Coal pension assets has been awarded to BlackRock in another large outsourced chief investment officer mandate.
The win adds to BlackRock's growing roster of mega pension OCIO mandates, reinforcing its position in a market where schemes hand investment operations to external managers.
The latest report also highlighted rival Nuveen's expansion strategy, with CEO Bill Huffman building the firm toward $2.5 trillion in assets through capability-driven acquisitions rather than cost-cutting.
That contrast underscores how large asset managers are competing for institutional retirement money through both outsourced investment mandates and broader scale-building strategies.