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JPMorgan lands $1trn BlackRock custody mandate
25 January 2017
JPMorgan expects to onboard the assets over the next two years.
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
JP Morgan expects to onboard the assets over the next two
"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.