The Federal Reserve Bank of New York on Monday halved the number of investment managers overseeing its purchases of securities from the government-sponsored enterprises.
BlackRock Inc. will be the "primary provider of risk and analytics support," the New York Fed said in a press release, and Wellington Management Co. LLP is to be a secondary provider of those services and also focus on trading and settlements.
The move drops Goldman Sachs and Pacific Investment Management Co. from the roster of the program's investment managers.
"These changes are not performance-related," according to the bank's release. "The New York Fed anticipated that it would make adjustments to its use of external investment managers as it gained more experience with the program."
JPMorgan Chase & Co. remains the program's custodian.
The central bank began buying securities from Fannie Mae, Freddie Mac and Ginnie Mae in November in an effort to bring down rates on home loans.
