June 30, 2014

BNY Mellon Appointed by BlackRock as Custodian, Administrator and Trustee for the UK's First Tax Transparent Fund

LONDON, June 30, 2014 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, has been appointed by BlackRock to provide custody, fund administration and trustee services for the UK's first Tax Transparent Fund (TTF).

The BlackRock ACS US Equity Tracker Fund will initially be offered to those UK pension fund clients of BlackRock that are investing in US equities, with the expectation that this will be extended to other asset classes in the future.

The new mandate expands BNY Mellon's existing relationship with BlackRock, which already encompasses custody, fund accounting and trustee services for a range of the investment manager's UK and offshore funds.

Tony Stenning, Head of UK Retail at BlackRock, said: "Given the ever increasing complexity for today's investors, delivering simple, transparent, tax efficient solutions has arguably never been more important. The introduction of this new structure by the Treasury last year is an important step in the next generation of tax efficient solutions for UK investors. We also welcome the arrival of a level playing field, bringing the UK in line with other European fund centres."

Daron Pearce, head of the Investment Management Segment, Investment Services at BNY Mellon said: "Our selection by BlackRock to service the UK's first TTF underlines BNY Mellon's commitment to supporting our clients as they look to innovate to provide investors with new investment avenues and opportunities."

The launch of the BlackRock fund follows the introduction of the UK TTF on July 1, 2013, after a period of consultation by the UK government. The UK TTF allows investors to maintain their tax position and access double taxation treaty benefits as if they had invested in the fund's underlying assets directly, while achieving the administrative, governance and scale benefits of investing via a pooled vehicle.

Equivalent tax-transparent structures are already available in Ireland (the Common Contractual Fund), Luxembourg (FCP or Fonds Commun de Placement) and the Netherlands (FGR or fondsen voor gemene rekening).

Notes to editors:

About BNY Mellon
BNY Mellon's Asset Servicing business supports institutional investors in today's fast-evolving markets, safekeeping assets and enhancing the management and administration of client investments through services that process, monitor and measure data from around the world. We leverage our global footprint and local expertise to deliver insight and solutions across every stage of the investment lifecycle.

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of March 31, 2014, BNY Mellon had $27.9 trillion in assets under custody and/or administration and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter @BNYMellon.

About BlackRock
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At March 31, 2014, BlackRock's AUM was $4.401 trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that include 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 March 31, 2014, the firm had approximately 11,500 employees in more than 30 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.

This press release is issued by The Bank of New York Mellon to members of the financial press and media. All information and figures source BNY Mellon unless otherwise stated as at March 31, 2014. The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818. Branch office: One Canada Square, London E14 5AL. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve and authorised by the Prudential Regulation Authority. The Bank of New York Mellon London branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.


Malcolm Borthwick

Aramide Debo-Aina


BNY Mellon

Broadgate Mainland


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