Tom Secaur recently discussed BlackRock's move to insource some of its ETF operations with Ignites. According to a recent job posting from BlackRock, the firm has recently formed a Virtual ETF Services team named Vest. This shift will be supported by the Aladdin ETF Servicing Platform and moves a large chunk of assets away from their current service provider, State Street.
“Aladdin continues to move the ball forward in [servicing] the middle office,” says Tom Secaur, chief operating officer of Citisoft. BlackRock has hired middle-office executives to build out its processing capabilities, he notes. It has also inked deals with service providers, including BNY Mellon, BNP Paribas and Citi, to provide the technology framework for middle-office outsourcing.
For more on this move and how it will impact the services landscape, read the full article here.
