Citi taps BlackRock to manage $80 billion in wealth client assets

Citi announced that BlackRock will manage approximately $80 billion in assets for thousands of Citi Wealth clients through a new offering called Citi Portfolio Solutions powered by BlackRock. The agreement represents the transfer of assets currently managed by Citi Investment Management.

Under the arrangement, BlackRock will manage investment strategies across equities, fixed income, multi-asset class strategies and private markets. BlackRock's Aladdin Wealth technology platform will be deployed to Citi's private bankers and investment professionals.

The affected clients are located in nearly 100 countries and will maintain their primary relationship with their Citi private banker for overall wealth advisory services. BlackRock will handle the management and implementation of specific investment strategies subject to Citi Wealth's ongoing review and monitoring.

Certain members of Citi Investment Management will join BlackRock to continue serving as portfolio managers on existing strategies for Citi clients. The companies plan to develop new products and solutions leveraging BlackRock's infrastructure and capabilities.

"We want to bring best-in-class advice, solutions and service to our clients," said Andy Sieg, Head of Wealth at Citi. The arrangement combines Citi's relationship-driven advice with BlackRock's investment expertise and technology capabilities.

Sir Robert Fairbairn, Vice Chairman at BlackRock, said the company was selected to bring BlackRock's investment solutions and financial technology to enable Citi to deliver customized portfolios to wealth clients.

The agreement is expected to begin in the fourth quarter subject to customary approvals and conditions. Citi stated the arrangement is not expected to have a material impact on the bank's previously disclosed revenue or return targets.

Citi Wealth manages more than $1 trillion in client balances, including $635 billion in client investment assets as of the second quarter 2025.

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