After a quiet day yesterday on Wall Street, the spotlight is back again—this time on Citi (C) and Goldman Sachs (GS), driving renewed investor interest. On Thursday, both banking titans separately revealed different new deals with asset management heavyweights BlackRock (BLK) and T. Rowe Price (TROW), respectively.
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On Citi’s part, the banking giant is entrusting about $80 billion of its global wealth client assets to BlackRock. Goldman Sachs, on the other hand, is looking to acquire up to $1 billion stake (3.5%) in T. Rowe through open-market purchases of its shares.
The goal for both institutions is to open up alternative assets like private equity, credit, and infrastructure investing to U.S. retirees and individual wealthy investors.
Both developments are generating excitement among Wall Street investors, particularly T. Rowe Price’s. On Thursday afternoon during U.S. trading hours, stocks for Citigroup, Goldman Sachs, BlackRock, and T. Rowe Price showed gains of 1.24%, 1.64%, 0.75%, and 6.16%, respectively, as of 1:23 p.m. EDT.
Citi and Goldman Sachs Join Forces with Asset Giants
Citi’s deal with BlackRock will see the asset manager responsible for tailored investment strategies for Citi’s clients. This will cover multiple asset classes, such as equities and fixed income, and over time extend to private markets.
In a statement, Citi called the deal the “largest agreement of its kind.” The transaction is expected to come into effect in the fourth quarter of this year.
On the other hand, Goldman Sachs noted that T. Rowe’s expertise in managing retirement portfolios combining public market assets will be paired with its private market experience to better serve clients. The offerings from this collaboration is anticipated to launch by mid-2026.
The Goldman Sachs deal comes amid a broader push by Wall Street firms to bring private-market products—typically higher-risk but potentially higher-return—to U.S. retail and retirement investors. For instance, in July, Goldman Sachs disclosed plans to launch private credit for retirement accounts.
This trend is being encouraged by relaxed regulations by the Trump administration, permitting everyday Americans with 401(k) retirement accounts to invest in such assets.
What Are the Best Stocks to Buy Now?
TipRanks’ Comparison tool offers valuable insights into which of the banks and asset managers’ stocks are worth investing in right now. It also provides a wider perspective on the broader banking industry and highlights the stocks that merit investors’ attention. Check out the graphs below.
