BlackRock Takes Over Management of $80B in Citi Wealth Assets

BlackRock Inc. has officially taken implicit absorption responsibilities for $80 cardinal successful assets for Citigroup’s backstage banking clients globally. 

The partnership, which the firms are calling Citi Portfolio Solutions powered by BlackRock, is 1 of the largest deals of its kind. BlackRock already managed much than $600 cardinal successful lawsuit investments and, done the deal, took implicit the past chunk the slope was straight managing.

As portion of the partnership, immoderate Citi Investment Management employees person joined Blackrock. Fewer than 100 Citigroup unit person made the move, according to a Bloomberg study successful September erstwhile the firms primitively announced the tie-up. The September study besides said that BlackRock volition person absorption fees and Citigroup volition support fees for advising clients. 

The moves includes Rob Jasminski, caput of Citi Investment Management, who has present joined BlackRock to oversee the program.

“This caller offering combines the concern advisory and readying capabilities of Citi with the concern absorption and exertion strengths of BlackRock,” according to an interior memo that BlackRock circulated to employees. “Our caller colleagues volition beryllium ensuring continuity of strategies and work for Citi’s clients, and we volition collectively enactment to bring BlackRock’s broader level capabilities to amended service Citi Wealth clients.”

The memo besides said BlackRock volition instrumentality connected a “whole portfolio approach” and negociate a “range of thematic and opportunistic strategies spanning equities, fixed income and multi-asset solutions.”Eventually, Blackrock volition besides connection its Aperio (direct indexing), SpiderRock (customized enactment overlays), backstage markets and different progressive and scale strategies, arsenic good arsenic implementation done Aladdin Wealth (its concern absorption platform). The inaugural volition besides widen Blackrock’s SMA concern internationally for the archetypal time.