BlackRock handling asset purchases for Treasury/Fed

Thats a very BIG Deal!

BlackRock, Inc. is an American global investment management corporation based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with $7.4 trillion in assets under management as of end-Q4 2019.[3] BlackRock operates globally with 70 offices in 30 countries and clients in 100 countries.[4] Due to its power and the sheer size and scope of its financial assets and activities, BlackRock has been called the world's largest shadow bank.

https://en.wikipedia.org/wiki/BlackRock

BlackRock to waive fees for running Federal Reserve bond-buying program

BlackRock, the massive asset manager tapped to manage the Federal Reserve's bond purchase stimulus program, will charge no fee, according to a term sheet released late Friday. BlackRock BLK, -3.88% will also credit back the value of all underlying fees and income that it earns on its own exchange-traded funds within the program. "Net fees for BlackRock, including the value of the credit, shall be made public on a regular basis," the term sheet said. The company also pledged to "treat BlackRock-sponsored ETFs on the same neutral footing as third-party ETFs." The terms came after some criticism was directed at the Fed for giving the contract to a well-connected Wall Street firm.

https://www.marketwatch.com/story/blackrock-to-waive-fees-for-running-bond-buying-program-2020-03-27

Largest Institutional Holder:

PNC Financial Services Group, Inc. 34,016,042 Dec 30, 2019 21.97% 17,099,864,313

https://finance.yahoo.com/quote/BLK/holders?p=BLK

https://finance.yahoo.com/quote/BLK/profile?p=BLK