Still, the deal is the kind of prize sought by Daniel Pinto, JPMorgan's chief executive officer for corporate and investment banking.
Pinto, speaking to investors in February, named custody and fund services as one of his most important business lines and a focus of management attention "with technology being at the core of it."
Executives at State Street, meanwhile, said on a conference call the loss of BlackRock assets is not part of a broader trend. The bank said it won $1.4 trillion in new asset servicing commitments in 2016.
The developments unsettled investors. State Street shares tumbled to $74.45 at the opening bell, before recovering some of the lost ground, rising to $77.56, off 3.7 percent.
This article was provided by Reuters.