BlackRock Assists Quintet Private Bank To Boost Their Investment Capabilities

BlackRock Inc BLK inked a memorandum of understanding (MoU) with Quintet Private Bank in Europe for an undisclosed term.

Per the terms, BlackRock will provide Quintet access to several investment tools, products, and solutions and offer advice on asset-allocation strategy to meet customers' needs. 

Quintet is controlled by Qatar's ruling Al Thani family, according to Bloomberg. 

The final agreement on the contract is expected in the third quarter of this year. 

"We are delighted to have been selected by Quintet to strengthen their investment capabilities on this next stage of their growth strategy. Forward-looking clients such as Quintet are increasingly using BlackRock as a platform to support their investment management and financial technology needs," stated Stephen Cohen, Head of Europe, Middle East, and Africa at BlackRock.

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Price Action: BLK shares are trading lower by 1.56% at $682.00 premarket on the last check Thursday.