BlackRock’s $1 Trillion JPMorgan Move Shows Cost StrategyBy
JPMorgan will become a custodian for some BlackRock assets
State Street loses business; shares decline about 4%
BlackRock Inc. yanked custody services from State Street Corp. on more than $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 the deal was one of the largest shifts of custody assets ever…
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