JPMorgan lands $1trn BlackRock custody mandate
BlackRock has pulled over $1trn in client assets from State Street's custody arm and handed the business to JP Morgan.
The landmark transaction is among the largest custody deals ever signed.
JP Morgan expects to onboard the assets over the next two years.
“This historic deal expands our relationship with BlackRock and is a validation of the investments we’ve made and the resources we’ve added to the custody and fund services business,” said Daniel Pinto, chief executive of JP Morgan’s Corporate & Investment Bank.
“As the only global custodian with a top markets franchise, we believe that scale, technology and seamless execution are essential to best-in-class client service.”
JP Morgan has increased business with existing custody clients by 10% over the last 12 months.
Overall, the bank serves around 2,500 custody clients in more than 100 markets.
Key services include settlement, safekeeping and asset servicing of securities along with accounting and administration services for funds.
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