Citi Wealth has announced that BlackRock will manage approximately $80 billion in assets for thousands of its clients through a new portfolio offering called Citi Portfolio Solutions powered by BlackRock. This marks the largest agreement of its kind between the two firms.
The arrangement will see BlackRock overseeing a variety of investment strategies, including equities, fixed income, multi-asset class strategies, and eventually private markets. Additionally, Citi will deploy BlackRock’s Aladdin Wealth technology platform to its private bankers and investment professionals.
“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,” said Andy Sieg, Head of Wealth at Citi. “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.”
Clients affected by this change are located in nearly 100 countries. They will continue their primary relationship with their Citi Private Banker while BlackRock manages specific investment strategies tailored to client objectives. Citi Wealth will maintain oversight through ongoing review and monitoring.
Certain members of Citi Investment Management (CIM) will join BlackRock as part of the agreement and continue serving as portfolio managers for existing strategies offered to Citi clients. Both companies plan to collaborate on developing new products leveraging BlackRock’s infrastructure.
“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,” said Sir Robert Fairbairn, Vice Chairman at BlackRock. “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 added: "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,” she said. “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 from Citi Wealth stated: “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,” he said. “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.”
The agreement is expected to begin in the fourth quarter pending customary approvals but is not anticipated to materially affect Citi's previously disclosed revenue or return targets.
Citi operates in over 180 countries providing banking services globally while managing more than $1 trillion in client balances as reported in Q2 2025.