BlackRock has taken over the management of approximately US$80 billion in wealth assets from Citigroup as part of a newly formed strategic partnership between the two financial giants. The move marks a major expansion of BR’s presence in global wealth management while allowing Citi to streamline its focus on private banking and institutional clients.
As part of the deal, Citi’s head of wealth management is expected to join BlackRock to help integrate the portfolio and strengthen collaboration between the firms. The partnership aims to leverage BlackRock’s technology and investment capabilities, particularly through its Aladdin platform, to enhance portfolio management and client servicing.
Industry analysts say the move underscores a growing trend among major banks to outsource asset management functions to investment specialists as they seek to cut costs and improve efficiency. The transition of assets is expected to be completed in early 2026.
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