BlackRock moves custody services on US$1t of assets to JPMorgan
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, according to a person familiar with the matter. The bank said that the deal was one of the largest shifts of custody assets ever.
BlackRock, the world's largest asset manager, found a partner in JPMorgan, which has been growing its cus…
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