TORONTO, ONTARIO--(Marketwire - Oct. 5, 2012) - BlackRock Investments Canada Inc. (BlackRock Canada), an indirect, wholly owned subsidiary of BlackRock, Inc. (NYSE:BLK), today announced that it has notified CIBC Mellon Global Securities Services Company (CIBC Mellon) that it is terminating the Custodial Services Agreement, Fund Administration Services Agreement and Securities Lending Authorization agreement, each between BlackRock Canada and CIBC Mellon, effective January 2013.
BlackRock Canada has selected State Street Trust Company Canada (SSTCC) to be the custodian for the funds managed by BlackRock Canada following the termination and to provide fund administration services previously provided by CIBC Mellon. It is expected that SSTCC will appoint State Street Bank and Trust Company, an affiliate of SSTCC, as a subcustodian.
The changes announced in this press release are the result of a review by BlackRock Canada of the administration of the funds managed by it. BlackRock Canada believes that these changes will provide benefits to these funds and will align its service providers with those utilized by the funds managed by its affiliate, BlackRock Asset Management Canada Limited.
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At June 30, 2012, BlackRock's AUM was US $3.560 trillion. BlackRock offers products that span the risk spectrum to meet clients' needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares® (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of June 30, 2012, the firm has approximately 9,900 employees in 27 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at www.blackrock.com.
About iShares® ETFs
iShares is the global product leader in exchange traded funds with over 500 funds globally across equities, fixed income and commodities, which trade on 20 exchanges worldwide. The iShares Funds are bought and sold like common stocks on securities exchanges. The iShares Funds are attractive to many individual and institutional investors and financial intermediaries because of their relative low cost, tax efficiency and trading flexibility. Investors can purchase and sell shares through any brokerage firm, financial advisor, or online broker, and hold the funds in any type of brokerage account. The iShares customer base consists of the institutional segment of pension plans and fund managers, as well as the retail segment of financial advisors and high net worth individuals.
iShares® Funds are managed by BlackRock Asset Management Canada Limited and BlackRock Investments Canada Inc. Commissions, management fees and expenses all may be associated with investing in iShares Funds. Please read the relevant prospectus before investing. The ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.