Citi Wealth has appointed BlackRock to manage around $80bn of assets for thousands of global clients whose accounts are currently managed by Citi Investment Management (CIM).

BlackRock will create a new customised portfolio offering, Citi Portfolio Solutions powered by BlackRock, which is expected to launch in the fourth quarter of 2025, subject to customary approvals and conditions.

Citi Wealth said the offering would combine its strategic investment advisory and planning capabilities with the investment management and technology capabilities of BlackRock.

Under the agreement, BlackRock will manage a range of core, opportunistic, and thematic investment strategies across equities, fixed income, and multi-asset class strategies, as well as, eventually, private markets.

BlackRock’s Aladdin Wealth technology platform has also been chosen by Citi and will be provided to Citi’s private bankers and investment professionals.

Citi Wealth clients with assets to be managed by BlackRock will continue to have their primary relationship with their Citi private banker, who will advise on their overall wealth strategy.

BlackRock will responsible for managing and implementing specific bespoke investment strategies, subject to Citi Wealth’s ongoing review and monitoring.

Certain members of CIM will join BlackRock, where they will continue to serve as portfolio managers on existing strategies for Citi clients.

The firms will also develop new products and solutions for Citi clients “in due course”.

“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,” commented Citi head of wealth, Andy Sieg.

“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.”

BlackRock vice chair, Sir Robert Fairbairn, added: “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 customised portfolios and strong investment outcomes across Wealth.

“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.”

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