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The US tax overhaul has incentivized the repatriation of corporate money overseas, an inflow of cash expected to reach nearly $1.5 trillion. Asset managers such as BlackRock and Fidelity race to take advantage of the change.
Halfway into the year companies are still only beginning to respond to the changes. But BlackRock Inc., JPMorgan Chase & Co. and Fidelity Investments are among asset managers racing to create new strategies for clients who want to bring overseas funds back. Companies face an array of choices ranging from where to invest the money short-term and how to spend it. “They have a significant amount of cash abroad and there is this window where they can capitalize on repatriating it,” said Jean-Yves Fillion, the chief executive of BNP Paribas SA’s U.S. holding company.
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