Citigroup’s wealth division has unveiled a landmark partnership with BlackRock to launch Citi Portfolio Solutions powered by BlackRock, a customised offering aimed at enhancing the investment experience for Citi’s global client base.
The collaboration combines Citi’s advisory expertise with BlackRock’s investment management capabilities and technology.
Pending regulatory approval, the new platform is expected to roll out in the fourth quarter of 2025 and will see BlackRock manage approximately US$80 billion (A$122.2 billion) in assets for Citi Wealth clients across nearly 100 countries.
Citigroup Head of Wealth, Andy Sieg noted: "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.”
The move reflects a strategic shift by Citi Wealth, which oversees more than $1 trillion in client balances, including $635 billion in investment assets as of Q2 2025.
As part of the initiative, Citi is shuttering its in-house asset management arm, Citi Investment Management (CIM), and transferring its portfolios to BlackRock. This will cover core, opportunistic, and thematic strategies across equities, fixed income, multi-asset, and, eventually, private markets.
The partnership underscores Citi’s focus on relationship-driven advisory services for affluent, high-net-worth, and ultra-high-net-worth clients, while leveraging BlackRock’s scale and expertise to handle investment execution.
Select CIM portfolio managers will move to BlackRock to ensure continuity for clients.
Central to the collaboration is BlackRock’s Aladdin Wealth® platform, which will equip Citi’s private bankers with advanced risk management, portfolio oversight, and data analytics.
The integration aims to improve efficiency, reduce operational costs, and deliver more tailored investment strategies.
Sir Robert Fairbairn, Vice Chairman at BlackRock said, “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.”
The deal also opens the door for the development of new products and investment solutions, expanding Citi clients’ access to alternative assets in line with growing demand for private market exposure.
For BlackRock, the agreement bolsters its wealth management footprint and supports its strategic push into private markets.
For Citi, outsourcing asset management aligns with CEO Jane Fraser’s efforts to streamline operations and strengthen profitability in the wealth division, a core element of the bank’s global strategy.
