BlackRock Loses Trump Accounts Contract, Ex-Exec Nicholas Morse Joins Aiviq
US Treasury selected BNY Mellon as financial agent for the Trump accounts program, a contract BlackRock had been competing for alongside Robinhood and Charles Schwab, potentially foregoing a steady revenue stream. Meanwhile, former BlackRock executive Nicholas Morse will lead revenue strategy at Aiviq across the Americas.
1. US Treasury Awards Trump Accounts Role to BNY Mellon Over BlackRock
The Treasury Department selected BNY Mellon as the financial agent for the upcoming Trump accounts program, outpacing BlackRock, Robinhood and Charles Schwab in the bidding process. The initiative offers a $1,000 federal contribution for eligible children born from January 2025 through December 2028, representing a potential long-term revenue stream and strategic partnership with the government.
2. Former BlackRock Executive Nicholas Morse Joins Aiviq
Nicholas Morse, a former BlackRock and Apex executive, was named Head of Revenue, Americas at Aiviq, where he will drive commercial strategy, client data management and distribution intelligence solutions. His departure underscores talent movement within the asset management sector and may influence BlackRock’s revenue leadership depth.