JPMorgan just landed a $1 trillion win in a growing business

State Street’s pain has turned out to be JPMorgan’s gain.

BlackRock, the world’s largest asset manager, announced that it would move over $1 trillion of its assets from the custody of State Street to its rival JPMorgan to cut costs for clients. JPMorgan said it expected to take charge of BlackRock’s assets over the next two years.

“We think the transfer was triggered by a better overall value proposition from JPMorgan for both Blackrock’s clients and Blackrock corporate, which includes both pricing and client service,” Credit Suisse said in a note responding to the news.

Read on.

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