BlackRock has appointed Bank of New York Mellon (BNY Mellon) as the custodian, administrator and trustee for the UK’s first Tax Transparent Fund (TTF).
At the outset, the BlackRock ACS US Equity Tracker Fund will be provided to those UK pension fund clients of BlackRock that are investing in US equities, with the expectation that this will be extended to other asset classes in the future.
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The recent announcement further boosts BNY Mellon’s existing relationship with BlackRock, which already includes custody, fund accounting and trustee services for a range of the investment manager’s UK and offshore funds.
BlackRock UK retail head Tony Stenning said, "Given the ever increasing complexity for today’s investors, delivering simple, transparent, tax efficient solutions has arguably never been more important."
"The introduction of this new structure by the Treasury last year is an important step in the next generation of tax efficient solutions for UK investors."
BNY Mellon Investment Services head of investment management segment Daron Pearce commented, "Our selection by BlackRock to service the UK’s first TTF underlines BNY Mellon’s commitment to supporting our clients as they look to innovate to provide investors with new investment avenues and opportunities."
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