BlackRock Takes Over Management of $80B in Citi Wealth Assets [Yahoo! Finance]
BlackRock, Inc. (BLK)
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Source: Yahoo! Finance
BlackRock Inc. has officially taken over management responsibilities for $80 billion in assets for Citigroup's private banking clients globally. The agreement, which the firms are calling Citi Portfolio Solutions powered by BlackRock, is one of the largest deals of its kind. BlackRock already managed more than $600 billion in client investments and, through the deal, took over the last chunk the bank was directly managing. As part of the agreement, some Citi Investment Management employees have joined Blackrock. Fewer than 100 Citigroup staff have made the move, according to a Bloomberg report in September when the firms originally announced the tie-up . The September report also said that BlackRock will receive management fees and Citigroup will keep fees for advising clients. The moves includes Rob Jasminski, head of Citi Investment Management, who has now joined BlackRock to oversee the program. “This new offering combines the investment advisory and planning capabilitie
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BLK
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- 12/3/25 - Form 4
- 12/1/25 - Form 144
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