LAGGING: BlackRock Trails Other Managers in SPN Performance
Increasingly, asset owners such as sovereign wealth funds and mega public pensions are demanding global asset managers to do more than just manage money – the owners crave perspicacious advice, education for internal staff and ongoing high-quality research provided to staff members. New York-based BlackRock, the largest private asset manager on planet Earth, is part of a strategic partners program for the Teacher Retirement System of Texas (TRS). This program is called the Public Markets Strategic Partnership Network, otherwise known as SPN. TRS chose 4 managers for the bespoke program: BlackRock, JP Morgan, Morgan Stanley and Neuberger Berman. All of these asset managers were given US$ 1 billion each to manage back in July 2008.
How Did They Perform?
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