JP Morgan’s Corporate & Investment Bank has been selected by BlackRock to provide custody and fund services for over USD1 trillion of its clients’ assets – one of 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,” says Daniel Pinto (pictured), CEO 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 per cent over the last 12 months. Overall, the bank serves approximately 2,500 custody clients in more than 100 markets, providing settlement, safekeeping and asset servicing of securities along with accounting and administration services for funds.
