BlackRock appoints Citi for $4 trillion ETF middle office services

BlackRock has selected Citi Investor Services to provide middle office functions for $4.0 trillion in U.S. domiciled iShares ETFs on the Aladdin platform, according to a press release statement.

The appointment expands the existing partnership between the two financial institutions and creates an integrated operating model designed to streamline ETF order processing. The system will provide transparency into basket composition, order status, and settlement processes.

"Citi has been a trusted partner as we evolve our ETF operating model on Aladdin," said Derek Stein, Head of Technology and Operations at BlackRock. "This appointment reflects our confidence in Citi's ability to support the scale, transparency, and operational rigor required across the iShares platform."

Chris Cox, Head of Investor Services at Citi, stated that expanding ETF and middle office servicing capabilities is central to the bank's strategy to grow market share with global asset managers.

This collaboration builds on a 2021 mandate when BlackRock appointed Citi as an additional post-trade service provider for U.S. domiciled iShares ETFs. Under that arrangement, Citi provides custodial, fund administration, and transfer agency services.

The partnership involves ETF assets valued at $4.0 trillion as of January 31, 2026, according to BlackRock data included in the announcement.

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