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The biggest U.S. asset managers are going head-to-head to win a piece of a $1.5 trillion corporate cash comeback. That's the sum companies are expected to bring onshore under the U.S. tax overhaul passed last year, according to Invesco estimates.About The new law sets a one-time repatriation rate for untaxed cash held abroad – a 15.5 percent charge on cash and liquid assets, and 8 percent on noncash or illiquid assets.Previously, such funds were hit with the 35 percent corporate tax.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.Fidelity has hundreds of cash management clients, with more than $500 billion in money market funds, a company representative said.In 2016, BlackRock acquired Bank of America Corp.'s $80 billion money market fund business.Ellen Bockius, BlackRock's global head of cash management marketing and U.S. corporate cash sales, said that investors will be keeping a watchful eye over how companies put their tax-related windfalls to work.
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