Citi and BlackRock Seal Record USD80bn Wealth Pact

Citigroup and BlackRock have struck a record USD80bn wealth management pact, the largest agreement of its kind. Under the deal, BlackRock will oversee Citi’s global wealth assets through the launch of Citi Portfolio Solutions powered by BlackRock, spanning equities, fixed income, multi-asset strategies and later, private markets. BlackRock’s Aladdin Wealth platform will be extended to Citi’s private bankers and investment professionals. Selected Citi Investment Management staff will move to BlackRock to continue managing current strategies, while new products will be developed using BlackRock’s scale and infrastructure. The agreement, expected to take effect in the fourth quarter subject to approvals, is not anticipated to materially impact Citi’s revenue or return targets.