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BlackRock moves custody services on US$1t of assets to JPMorgan

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Mr Kapito has said that BlackRock will seek concessions as it tries to keep a lid on expenses.

Boston

BLACKROCK Inc yanked custody services from State Street Corp on more than US$1 trillion in client assets as the asset manager seeks to cut costs by putting pressure on vendors.

The move of assets to JPMorgan Chase & Co is part of BlackRock's strategy to exact lower fees

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