Citi selected BlackRock to create a new portfolio offering and manage $80 billion in assets for thousands of Citi Wealth clients, whose accounts are currently managed by Citi's investment management team.
Citi Wealth clients with assets that will be managed by BlackRock live in almost 100 different countries. Citi will still advise these clients on their overall wealth approach, while BlackRock will be responsible for managing and implementing specific investment strategies to meet the clients' objectives.
Some members of Citi's investment management team will join BlackRock as portfolio managers.
The agreement is expected to begin in the fourth quarter.
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