BlackRock Closes Transaction to Transfer $80 Billion of Client Assets from BofA® Global Capital Management
April 18 2016 - 11:00AM
Business Wire
BlackRock Grows its Cash Management Platform to
over $370 billion of AUM
Transaction Strengthens Cash-Distribution
Relationship Between Bank of America and BlackRock
BlackRock and Bank of America’s asset management business, BofA®
Global Capital Management, have completed a transaction
transferring investment management responsibilities of
approximately $80 billion of AUM currently managed by BofA® Global
Capital Management to BlackRock. The assets of five taxable money
market funds, a U.S. dollar offshore fund, a private fund and
customized separate account strategies were transferred to
BlackRock through this transaction.
The combined platform of over $370 billion in assets under
management will enable BlackRock and legacy-BofA Global Capital
Management clients’ broader access to high quality, global
liquidity investment solutions. BlackRock will continue to enjoy a
strong distribution partnership with Bank of America and will have
expanded access to several broad distribution channels.
“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. “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.”
“BlackRock is a best-in-class liquidity solutions provider with
a demonstrated ability to deliver on clients’ needs for liquidity
and yield,” said Michael Pelzar, President of BofA® Global Capital
Management. “Our selection of BlackRock was made after careful
consideration of our clients’ needs, our long-standing relationship
with BlackRock, and their demonstrated ability to provide a
comprehensive range of global liquidity management solutions.”
The transaction was approved by both BlackRock and BofA fund
boards, BofA fund shareholders and certain regulators. The
financial impact of the transaction is not material to BlackRock
earnings. Terms were not disclosed.
About BlackRock
BlackRock is a global leader in investment management, risk
management and advisory services for institutional and retail
clients. At March 31, 2016, BlackRock’s AUM was $4.737 trillion.
BlackRock helps clients around the world meet their goals and
overcome challenges with a range of products that include separate
accounts, mutual funds, iShares® (exchange-traded funds), and other
pooled investment vehicles. BlackRock also offers risk management,
advisory and enterprise investment system services to a broad base
of institutional investors through BlackRock Solutions®. As of
March 31, 2016, the firm had approximately 13,000 employees in more
than 30 countries and a major presence in global markets, including
North and South America, Europe, Asia, Australia and the Middle
East and Africa. For additional information, please visit the
Company’s website at www.blackrock.com | Twitter: @blackrock_news |
Blog: www.blackrockblog.com | LinkedIn:
www.linkedin.com/company/blackrock
Forward-looking Statements
This press release, and other statements that BlackRock may
make, may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act, with respect to
BlackRock’s future financial or business performance, strategies or
expectations. Forward-looking statements are typically identified
by words or phrases such as “trend,” “potential,” “opportunity,”
“pipeline,” “believe,” “comfortable,” “expect,” “anticipate,”
“current,” “intention,” “estimate,” “position,” “assume,”
“outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,”
“achieve,” and similar expressions, or future or conditional verbs
such as “will,” “would,” “should,” “could,” “may” and similar
expressions.
BlackRock cautions that forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are
made, and BlackRock assumes no duty to and does not undertake to
update forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements and
future results could differ materially from historical
performance.
GMC-0158
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version on businesswire.com: http://www.businesswire.com/news/home/20160418006063/en/
BlackRockTara McDonnell,
212-810-5337Tara.McDonnell@blackrock.com
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