Citigroup Appoints $12.5 Trillion Asset Manager BlackRock to Manage $80 Billion AUM via Citi Portfolio Solutions Powered by BlackRock for Thousands of Citi Wealth Clients Currently Managed by in-House Citi Investment Management (CIM), BlackRock to Manage Core, Opportunities & Thematic Strategies (Equities, Fixed Income, Multi-Asset Class Strategies) & Private Markets (in the Future), Will Deploy BlackRock Aladdin Wealth Technology Platform to Citi Private Bankers & Investment Professionals, Selected Citi Investment Management (CIM) Portfolio Managers & Members Will Join BlackRock
5th September | Hong Kong
Citigroup has appointed the world’s largest asset manager BlackRock ($12.5 trillion AUM) to manage $80 billion AUM via Citi Portfolio Solutions powered by BlackRock for thousands of Citi Wealth clients, currently managed by in-house Citi Investment Management (CIM). BlackRock will manage core, opportunities & thematic strategies (equities, fixed income, multi-asset class strategies) & private markets (in the future). Citigroup will also deploy BlackRock Aladdin wealth technology platform to Citi private bankers & investment professionals. Selected Citi Investment Management (CIM) portfolio managers & members will join BlackRock. Announcement (4/9/25): “Citi Wealth today announced the selectio of BlackRock to create a new portfolio offering for its clients – Citi Portfolio Solutions powered by BlackRock. This offering will combine the strategic investment advisory and planning capabilities of the leading global bank with the investment management and technology strengths of one of the world’s preeminent asset managers. The agreement includes the appointment of BlackRock to manage approximately $80 billion in assets for thousands of Citi Wealth clients whose accounts are currently managed by Citi Investment Management (CIM). Under the agreement, BlackRock will manage a range of core, opportunistic and thematic investment strategies across Equities, Fixed Income, Multi-Asset Class strategies and, over time, Private Markets. In addition, the firm’s Aladdin Wealth® technology platform – with its advanced risk, portfolio management and data insight capabilities – has been selected by Citi and will be deployed to Citi’s Private Bankers and investment professionals. Leaders at Citi Wealth and BlackRock believe the new model will benefit clients and accelerate growth at both firms. Citi Wealth clients with assets to be managed by BlackRock are domiciled in nearly 100 countries. These clients will continue to maintain a primary relationship with their Citi Private Banker who will advise on their overall wealth approach, including strategic asset allocation, establishment of long-term financial goals and selection of investment strategies. Subject to Citi Wealth’s ongoing review and monitoring, BlackRock will be responsible for managing and implementing specific investment strategies tailored to meet the objectives of Citi Wealth clients. This enhanced investment offering will provide Citi clients with access to a wide range of investment options and strategies, leveraging BlackRock’s leadership in portfolio construction and the management of customized portfolios. As part of the agreement, certain members of CIM will join BlackRock where they will continue to serve as portfolio managers on existing strategies for Citi clients. In due course, Citi and BlackRock will also develop new products and solutions for the benefit of Citi clients by leveraging the scale, infrastructure, and capabilities of BlackRock … … The agreement is expected to begin in the fourth quarter subject to customary approvals and conditions and is not expected to have a material impact on Citi’s previously disclosed revenue or return targets.”
“ Citigroup Appoints $12.5 Trillion Asset Manager BlackRock to Manage $80 Billion AUM via Citi Portfolio Solutions Powered by BlackRock for Thousands of Citi Wealth Clients Currently Managed by in-House Citi Investment Management (CIM), BlackRock to Manage Core, Opportunities & Thematic Strategies (Equities, Fixed Income, Multi-Asset Class Strategies) & Private Markets (in the Future), Will Deploy BlackRock Aladdin Wealth Technology Platform to Citi Private Bankers & Investment Professionals, Selected Citi Investment Management (CIM) Portfolio Managers & Members Will Join BlackRock “
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Andy Sieg, Head of Wealth: “We want to bring best-in-class advice, solutions and service to our clients, and we want to serve more of the world’s changemakers. With this offering, we can accomplish both. It brings together the sophisticated relationship-driven and market-based advice of our bankers, backed by the insights of our own Chief Investment Office, with the renowned investment expertise and innovative technology capabilities of BlackRock.”
Sir Robert Fairbairn, Vice Chairman at BlackRock: “We’re excited to be selected by Citi to bring BlackRock’s extensive suite of investment solutions and innovative financial technology to clients, enabling Citi to deliver customized portfolios and strong investment outcomes across Wealth. As investor appetite grows for custom built, whole portfolio solutions, BlackRock continues to invest in our global investment platform to stay at the forefront of clients’ evolving needs.”
Jaime Magyera, Head of BlackRock’s U.S. Wealth Business: “For nearly four decades, BlackRock has helped lead the evolution of customized portfolio management, continuously adapting to meet the needs of individuals for tailored, tax-optimized investment strategies underpinned by cutting-edge asset allocation and portfolio construction capabilities. Today, these investors and their advisors are reimagining the entire portfolio experience across public and private markets. By working alongside Citi and its clients, we are well-positioned to deliver the breadth, precision, and innovation their clients and investors worldwide require.”
Keith Glenfield, Head of Investment Solutions, Citi Wealth: “There has never been a better time to be a Citi Wealth client. Boutique in feel, global in reach, this offering fully aligns with our high-quality open architecture approach and will significantly enhance the set of investment solutions and capabilities available across our platform. Our clients will get the best of both worlds – the personalized guidance of a trusted Citi Private Banker or Advisor, augmented by BlackRock’s innovative technology and expertise in managing customized portfolio solutions.”
Citi – Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
BlackRock – BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable.
Citigroup Appoints $12.5 Trillion Asset Manager BlackRock to Manage $80 Billion AUM via Citi Portfolio Solutions Powered by BlackRock for Thousands of Citi Wealth Clients Currently Managed by in-House Citi Investment Management (CIM), BlackRock to Manage Core, Opportunities & Thematic Strategies (Equities, Fixed Income, Multi-Asset Class Strategies) & Private Markets (in the Future), Will Deploy BlackRock Aladdin Wealth Technology Platform to Citi Private Bankers & Investment Professionals, Selected Citi Investment Management (CIM) Portfolio Managers & Members Will Join BlackRock
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