This will bring BlackRock’s cash-management business to about $372bn in assets.
BlackRock is expanding the business as it contends with interest rates that have remained near historic lows in the wake of the 2008 financial crisis. Managers are restructuring money-market funds to comply with U.S. Securities and Exchange Commission rules that force institutional prime funds to adopt a floating share price. Banks are also dealing with Basel III requirements, which make it more expensive to hold big cash deposits.
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