Aladdin

As merger activity continues apace, State Street – armed with its “unique” front-to-back solution – intends to take a dominant position as custodian of choice for the biggest end of town. The super industry and its custodians are now exiting a period of relative stability. The number of funds has more than halved in the…

Larry Fink, BlackRock’s outspoken chief executive, has committed the firm to a cultural cleansing in the wake of alleged sexual and racial discrimination at the world’s largest fund manager. In an annual shareholder letter published last week, Fink says “certain employees have not upheld BlackRock’s standards”, putting the manager’s environmental, social and governance (ESG) credentials…