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Jefferies reiterates buy rating on State Street after reduction of Black Rock ETF servicing business

·1 min read
Jefferies reiterates buy rating on State Street after reduction of Black Rock ETF servicing business
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  • STT
  • BLK
  • BK

Jefferies analyst Ken Usdin reiterated a buy rating on State Street Corp. on Wednesday and said the retention of 15% of BlackRock Inc.'s ETF servicing business will benefit the company. State Street revealed in filings earlier this year that it would lose a chunk of its ETF servicing business from BlackRock. BlackRock has now finalized its new structure with Citigroup Inc. handling 40% of the $2.3 trillion ETF business, JPMorgan Chase & Co. handling 30%; also Bank of New York Mellon Corp. and St