Citi appoints BlackRock to manage $80B in assets for Wealth clients

Citi Wealth (C) announced the selection of BlackRock (BLK) 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 $80B in assets for thousands of Citi Wealth clients whose accounts are currently managed by Citi Investment Management… 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 company stated. “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,” said Andy Sieg, Head of Wealth at Citi.