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JPMorgan to become custodian of $1 trillion in BlackRock assets: Report

JPMorgan Chase will become the custodian for more than $1 trillion in BlackRock assets, which have been under custody at State Street, Dow Jones reported on Wednesday, citing people familiar with the matter.

JPMorgan currently has about $20.5 trillion under custody, and the move could catapult it into the second biggest player in the market behind Bank of New York Mellon.

BlackRock has about $5.1 trillion in assets that it manages, funds that are serviced by custodians, Dow Jones reported.