BlackRock Grows its Cash Management Platform to over $370 billion of AUM
Transaction Strengthens Cash-Distribution Relationship Between Bank of
America and BlackRock
NEW YORK--(BUSINESS WIRE)--
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
View source version on businesswire.com: http://www.businesswire.com/news/home/20160418006063/en/
BlackRock
Tara McDonnell, 212-810-5337
Tara.McDonnell@blackrock.com
Source: BlackRock