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

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Published Thu, Jan 26, 2017 · 09:50 PM

    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

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