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BlackRock Tom Callahan

BlackRock closes transfer of USD80bn of client assets from BofA Global Capital Management

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BlackRock and Bank of America’s asset management business, BofA Global Capital Management, have completed a transaction transferring investment management responsibilities of approximately USD80 billion of AUM currently managed by BofA Global Capital Management to BlackRock. 

The assets of five taxable money market funds, a US dollar offshore fund, a private fund and customised 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,” says Tom Callahan (pictured), 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,” says 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 have not been disclosed.

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