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The transfer of $80B of client assets from BofA Global Capital Management scales BlackRock's (NYSE:BLK) cash management platform to more than $370B. The assets are in five taxable money market funds, a U.S. dollar offshore account, a private fund, and customized separate account strategies.
- The deal brings far greater scale to BlackRock's money market offerings, which should help with costs in this low interest rate environment.
- Now read: BlackRock - Fair Valuation, Steady Operator, High Shareholder Payouts