09.04.25

Citi Hands BlackRock $80 Billion of Assets in Wealth Deal

by: Todd Gillespie; Silla Brush

Citigroup is handing BlackRock $80 billion in client assets, shutting down its last in-house asset management operations and expanding an existing partnership. The deal transfers Citi Investment Management’s portfolios, led by Robert Jasminski, to BlackRock, while Citi retains client advisory services. About 100 Citi employees will move to BlackRock, with the transition expected by year-end. Citi Wealth head Andy Sieg said the bank is stronger partnering with the world’s largest asset manager than expanding alone. The move streamlines Citi’s wealth unit as it targets affluent clients globally, while BlackRock gains a bigger role managing Citi’s private and public assets.

Read the full article on Bloomberg