BlackRock Funds Change Custodian

Institutional Cash Series plc, a group of funds owned and managed by BlackRock, has appointed J.P. Morgan as custodian and fund administrator in place of State Street
By None

Institutional Cash Series plc, a group of funds owned and managed by BlackRock, has appointed J.P. Morgan as custodian and fund administrator in place of State Street.

The funds, previously entitled Barclays Global Investors Cash Selection Funds, were part of Barclays Global Investors purchased by BlackRock in 2009.

In a statement to shareholders, the directors of the funds said “it would be beneficial to shareholders to consolidate the operational platforms of the [Institutional Cash Series Funds] and BlackRock Cash Selection Funds”.

BlackRock’s cash management business holds over $355 billion assets under management as of September 2009.

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