Funds News

BlackRock jilts State Street by moving $1 trln assets to JPMorgan

BOSTON, Jan 25 (Reuters) - State Street Corp executives on Wednesday moved to soften the blow of losing $1 trillion in BlackRock assets to a rival by saying the move was not part of a broader trend.

State Street executives said on a conference call that BlackRock has been a client since 1988. But BlackRock is moving more than $1 trillion in assets to the custodian platform run by JPMorgan Chase & Co Inc.

State Street said it will continue to service BlackRock’s high growth iShares ETF assets. And State Street executives said BlackRock’s move is not part of a broader trend of losing assets. State Street said it won $1.4 trillion in new asset servicing commitments in 2016, for example.

Reporting By Tim McLaughlin; Editing by Chizu Nomiyama