JPMorgan Chase (JPM) scored a landmark deal Wednesday to provide custody services for $1 trillion of BlackRock’s (BLK) assets, which were previously held by rival State Street (STT) .
Despite the large transfer, State Street will continue to count BlackRock as a client, as it has since 1988. JPMorgan, meanwhile, gets to further expand assets under custody that grew 3% last year to $20.5 trillion. The business is part of the bank’s corporate and investment unit, which posted $35.2 billion in revenue in 2016.
