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Citi to Deliver New Customized Portfolio Offering Powered by BlackRock to Citi Wealth Clients Globally

Harnesses the power and scale of two global leaders in wealth

$80 Billion Citi Wealth Client Assets to Be Managed by BlackRock in Largest Agreement of its Kind

NEW YORK--(BUSINESS WIRE)-- Citi Wealth today announced the selection of BlackRock to create a new portfolio offering for its clients 鈥� 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鈥檚 preeminent asset managers.

The agreement includes the appointment of BlackRock to manage approximately $80 billion in assets for thousands of Citi Wealth clients whose accounts are currently managed by Citi Investment Management (CIM).

Under the agreement, BlackRock will manage a range of core, opportunistic and thematic investment strategies across Equities, Fixed Income, Multi-Asset Class strategies and, over time, Private Markets. In addition, the firm鈥檚 Aladdin Wealth^庐 technology platform 鈥� with its advanced risk, portfolio management and data insight capabilities 鈥� has been selected by Citi and will be deployed to Citi鈥檚 Private Bankers and investment professionals.

Leaders at Citi Wealth and BlackRock believe the new model will benefit clients and accelerate growth at both firms.

鈥淲e want to bring best-in-class advice, solutions and service to our clients, and we want to serve more of the world鈥檚 changemakers,鈥� said Andy Sieg, Head of Wealth at Citi. 鈥淲ith 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.鈥�

Citi Wealth clients with assets to be managed by BlackRock are domiciled in nearly 100 countries. These clients will continue to maintain a primary relationship with their Citi Private Banker who will advise on their overall wealth approach, including strategic asset allocation, establishment of long-term financial goals and selection of investment strategies. Subject to Citi Wealth鈥檚 ongoing review and monitoring, BlackRock will be responsible for managing and implementing specific investment strategies tailored to meet the objectives of Citi Wealth clients.

This enhanced investment offering will provide Citi clients with access to a wide range of investment options and strategies, leveraging BlackRock鈥檚 leadership in portfolio construction and the management of customized portfolios.

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.

鈥淲e鈥檙e excited to be selected by Citi to bring BlackRock鈥檚 extensive suite of investment solutions and innovative financial technology to clients, enabling Citi to deliver customized portfolios and strong investment outcomes across Wealth,鈥� said Sir Robert Fairbairn, Vice Chairman at BlackRock. 鈥淎s 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鈥� evolving needs.鈥�

Jaime Magyera, Head of BlackRock鈥檚 U.S. Wealth Business, noted that BlackRock has long enjoyed a business relationship with Citi and said the firm looked forward to the opportunity to work even more closely with the bank鈥檚 Wealth business under the Citi Portfolio Solutions arrangement.

"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,鈥� she said. 鈥淭oday, 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.鈥�

Keith Glenfield, Head of Investment Solutions for Citi Wealth, echoed the sentiment.

鈥淭here 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,鈥� he said. 鈥淥ur clients will get the best of both worlds 鈥� the personalized guidance of a trusted Citi Private Banker or Advisor, augmented by BlackRock鈥檚 innovative technology and expertise in managing customized portfolio solutions.鈥�

The agreement is expected to begin in the fourth quarter subject to customary approvals and conditions and is not expected to have a material impact on Citi鈥檚 previously disclosed revenue or return targets.

About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Citi Wealth includes the Private Bank, Wealth at Work and Citigold businesses and provides financial services to a range of client segments including affluent, high net worth and ultra-high net worth clients through banking, lending, mortgages, investment, and custody product offerings. As of the second quarter 2025, Citi Wealth has been entrusted with more than $1 trillion in client balances, including $635 billion in client investment assets.

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About BlackRock
BlackRock鈥檚 purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit .

View source version on businesswire.com:

For Citi



Mark Costiglio

[email protected]

(+1) 917 756 8635



For BlackRock



Americas

Reem Jazar

[email protected]

(+1) 646 357 6135



International

Emma Phillips

[email protected]

(+44) 20 7743 2922

Source: Citi