BlackRock and Bank of America’s asset management business, BofA Global Capital Management, have signed a deal to transfer investment management responsibilities of approximately $80bn of AUM currently managed by BofA Global Capital Management to BlackRock.
The assets transferred to BlackRock include five taxable money market funds, a U.S. dollar offshore fund, a private fund as well as customised separate account strategies.
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The companies did not reveal terms of the deal. However, BlackRock said that the transaction will not have any material impact on its earnings.
BlackRock’s cash management platform includes more than $370bn in assets under management following the transaction.
BlackRock head of global cash management Tom Callahan said: "This transaction shows our commitment to delivering outstanding liquidity solutions to our clients at a time of tremendous change in the cash management industry.
"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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