BlackRock Takes on $80 Billion in Client Assets from BofA Global Capital Management
BlackRock's cash management platform now stands at over $370 billion in assets under management.
Five taxable money market funds, a US dollar offshore fund, a private fund and customized separate account strategies were all transferred to BlackRock. The New York-based asset manager's cash management platform now stands at more than $370 billion in assets under management.
"This transaction shows our commitment to delivering outstanding liquidity solutions to our clients at a time of tremendous change in the cash management industry," said Tom Callahan, BlackRock's head of global cash management, in a statement. "By expanding our partnership with Bank of America, this transaction allows us to grow our global scale, enhance our extensive product offering and best in class risk management capabilities to serve a new universe of clients."
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