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NEWS


BLACKROCK SPLITS ETF SERVICING MANDATE ACROSS FOUR CUSTODIANS

Dec 08, 2021 By Nicholas Pratt

Global fund manager BlackRock has announced plans to spread the post-trade
servicing of its US-based ETF assets across four global custodians – BNY Mellon,
Citi, JP Morgan and incumbent provider State Street.

Citi will be responsible for 40% of the $2.3 trillion iShares portfolio, while
JP Morgan will get 30% and BNY Mellon and State Street will both service 15% of
the assets.

The migration of assets is expected to begin in the second half of 2022 and will
take roughly 18 months.

While the deal relates to BlackRock’s US-based ETF assets, it remains to be seen
if a similar move will be made for its ETF assets elsewhere.

The company stated that the due diligence and RFP process for iShares
Ireland-domiciled assets is “ongoing” and the outcome will be announced at a
later date.

According to BlackRock, the decision to switch from one custodian (State Street)
to four “is based on our desire to create a robust operating model for servicing
ETFs, which will help us scale the iShares franchise and mitigate concentration
risk,” said Derek Stein, senior managing director and global head of technology
& operations at BlackRock.

©2021 fundsTech




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ROUNDTABLES & PANELS




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SPECIALIST FUND ADMIN ROUNDTABLE: TECHNOLOGY AND THE HUMAN TOUCH

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UPCOMING EVENT

FundsTech Lab Winter 2021

We will be hosting the eighth European FundsTech Lab, which will be taking place
online on Thursday, December 9, 2021. In this instalment of the series we will
be exploring the potential of tokenisation, the problems with proxy voting and
the rise of behavioural analytics and more.

REGISTER NOW »




TOP READ NEWS LAST WEEK


INVESCO LAUNCHES PHYSICALLY-BACKED BITCOIN ETP

Invesco is set to launch a Physical Bitcoin ETP (BTIC) which will be 100% backed
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price performance of bitcoin, less a fixed 0.99% annual fee.


UCITS FUNDS FACE REGULATORY AND DISTRIBUTION CHALLENGES

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November 2021China Report November 2021




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