The Asian Same Day Settlement service, which is provided by JP Morgan’s transfer agency business, will provide BlackRock’s institutional clients based in Asia with the opportunity to process trades during Asian business hours and to receive the same day use of the funds.
The service will initially be available for BlackRock’s two key USD cash funds, the ICS Institutional US Dollar Liquidity Fund and the ICS Institutional US Treasury Fund.
BlackRock head of International Cash Mark Stockley said the Asian Same Day Settlement service is intended to provide their institutional clients with greater flexibility.
"It represents a significant improvement over the previous settlement times, and will allow our clients to fully realize the benefits of investing in BlackRock’s Liquidity Funds," Stockley added.
The launch of the Asian Same Day Settlement service follows the recent announcement that BlackRock has partnered with JP Morgan to outsource the investment management firm’s fund fax dealing desk.
