Citigroup has entered into an agreement with BlackRock to manage approximately $80 billion in assets for its wealth management clients, the bank announced on Thursday.
Under the arrangement, clients currently served by Citi Investment Management (CIM) will continue to receive wealth advisory, asset allocation, and strategy guidance from their Citi private bankers. BlackRock will be responsible for managing and executing those strategies, Reuters reported.
As part of the collaboration, Citi will also deploy BlackRock’s Aladdin Wealth platform across its network of private bankers and investment professionals.
(With inputs from Reuters)
