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.