September 4, 2014
It’s official: BlackRock won the contract to continue managing the S Fund.
According to the FRTIB’s recent press statement:
The Federal Retirement Thrift Investment Board (FRTIB) announced today that it has selected Blackrock Institutional Trust Company, N.A. as the investment manager for its Small Cap Stock Index Investment Fund (S Fund). The S Fund invests in a stock index fund that tracks the Dow Jones U.S. Completion Total Stock Market Index. The earnings consist of dividend income and gains or losses in the price of stocks. As of June 2014, the S Fund held $49.8 billion in assets. The contract will be for a one-year term, with four one-year options.
BlackRock was awarded similar contracts to continue managing the F Fund and the I Fund in the past 18 months. BlackRock will no doubt be strongly competitive when the RFP to manage the C Fund is released in the coming months.
Curiously, the press release was dated July 16, but it wasn’t posted to the FRTIB site until August 26. I guess BlackRock’s selection was such a foregone conclusion that FRTIB forgot to actually “release” the press release…
(*I’ll let readers know if “Riles & Co” contacts me regarding use of its trademarked “three-peat” phrase…!)