BlackRock Acquiring NEX Treasury
Just months after the CME Group acquired NEX Group (the former ICAP Plc), we learned that BlackRock will be acquiring NEX Treasury, the former MyTreasury online money market fund trading "portal," from CME Group. A spokesperson from CME Group tells us, "CME Group has reached an agreement for BlackRock to acquire NEX Treasury, augmenting their Cachematrix business. The transaction is expected to be completed by the end of the year." A letter from Peter McHugh, CEO of NEX Treasury, to clients, says, "We are pleased to share that CME Group has reached an agreement for BlackRock to acquire NEX Treasury.... As a global leader in investment management, risk management and advisory services, BlackRock is well equipped to continue to enhance the user experience for all of our NEX Treasury clients. BlackRock is also a leader in technology and product innovation through Aladdin and Cachematrix. BlackRock acquired Cachematrix in 2017 to enhance its Aladdin technology capabilities for cash investors. The Cachematrix by BlackRock platform will seek to offer NEX Treasury clients the benefit of best-in-class service and technology. The platform is supported by a relationship management and client service team with a depth of expertise in money market funds. Both parties are committed to ensuring a smooth transition for all of our customers over the coming months. Your day-to-day NEX Treasury contacts and trading relationships will remain the same, and we will be in touch with you directly in the coming days." For more on the "portal" marketplace, see these Crane Data News articles: ICD Releases Treasury Options Paper, Announces Parthenon Investment (10/16/17), BlackRock to Acquire Money Fund Trading Portal Tech Firm Cachematrix (7/28/2017), AFP News: SunGard Portal Survey, BNY's Aggregator, MyTreasury Adds (10/29/2013), Citi Portal Partners With Cachematrix for Transparency, Disclosure (7/30/2013) and Excerpt from June MFI: British Portal Invasion: MyTreasury's Meadows (7/1/2013).
