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In a cost-cutting move, BlackRock will be shifting assets from State Street for the next two years.
BlackRock will be using JPMorgan’s Corporate & Investment Bank unit for custodial services, fund accounting, and fund administration for more than $1 trillion of client assets, shifting them from State Street Bank and Trust Co. The move, expected to take two years to complete, is widely seen as a major win for JPMorgan. But it...
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