US EditionCiti Hands $80B in Wealth Assets to BlackRock for Management
8 Articles
8 Articles
New York, USA.- Citigroup Inc transferred tens of billions of dollars of customer investments to BlackRock Inc, in a measure that will close the only remaining internal asset manager to the bank and outsource more operations from its property management unit. In a new alliance, BlackRock will manage the assets of thousands of the bank’s richest customers who currently hold accounts at Citi Investment Management, companies reported on Thursday. B…
Citi Hands $80B in Wealth Assets to BlackRock for Management
What the Deal Involves BlackRock has struck a deal with Citigroup to manage about $80 billion in assets on behalf of Citi’s wealth management clients, the bank said Thursday. The arrangement transfers a large portion of Citi Investment Management’s (CIM) mandate to the world’s biggest asset manager while leaving Citi’s private bankers in charge of client advice, asset allocation, and strategy selection. The agreement, set to begin in the fourth …
BlackRock to manage around $80bn in wealth assets for Citi
Citi Wealth has reached an agreement with BlackRock for the management of approximately $80bn in assets for its wealth clients. The banking giant also joined forces with BlackRock to introduce ‘Citi Portfolio Solutions powered by BlackRock’. The initiative unifies the advisory services of Citi Wealth with the investment and technological strengths of BlackRock. Under this collaboration, BlackRock will oversee various investment strategies, …
Citigroup Delegates $80 Billion of Assets to BlackRock as it Shifts From Wealth Unit
Andy Sieg, the head of Citigroup’s wealth division, stated that they are not in a position to expand this platform significantly as they are not as well-equipped as they will be by collaborating with BlackRock. Citigroup Inc. has decided to give BlackRock Inc. the responsibility to manage tens of billions of dollars in client investments. This means it has to effectively shut down its last in-house asset management division and outsource its wea…
Citi Wealth Picks BlackRock in Landmark Portfolio Deal
The $80 billion portfolio of Citi’s wealth clients will be managed by BlackRock in the largest agreement of its kind ever. Citi has selected BlackRock to manage approximately $80 billion in assets for thousands of the bank's wealth clients globally, according to a statement. The asset manager will create a new portfolio offering called Citi Portfolio Solutions powered by BlackRock. The accounts are currently managed by Citi Investment Management…
The U.S. asset management giant will take care of thousands of Citi Wealth customers. Employees of the entity are expected to join BlackRock.
Coverage Details
Bias Distribution
- 100% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
