Citi Wealth has announced the selection of BlackRock to create a new portfolio offering for its clients — Citi Portfolio Solutions powered by BlackRock.
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
