Dec 15 (Reuters) – BlackRock said on Monday that the head of Citi’s investment management arm has joined the asset manager to lead an expanded partnership under which BlackRock will oversee about $80 billion in assets for the bank’s wealth‑management clients.
The deal, agreed in September and set to launch on Monday, will shift management of a large slice of Citi clients’ portfolios to BlackRock under the banner “Citi Portfolio Solutions Powered by BlackRock.”
Rob Jasminski, who had led Citi Investment Management (CIM), will move to BlackRock along with a team from the bank’s investment‑management unit, becoming portfolio managers for the new platform effective Monday.
Citi had previously said it expected the agreement to begin in the fourth quarter of 2025.
Clients currently managed by CIM will continue to receive wealth advice, asset‑allocation support and strategy guidance from their Citi private bankers.
BlackRock will design and implement portfolio strategies, while Citi will deploy BlackRock’s Aladdin Wealth platform to its private bankers and investment staff.
The move underscores a broader shift among major banks toward partnering with specialist asset managers as they sharpen their focus on client advice and financial planning rather than running all investment strategies in‑house.
It also aligns with Citigroup CEO Jane Fraser’s restructuring drive to streamline operations and lift profitability in its wealth‑management franchise.
BlackRock already manages a portion of Citi’s client portfolios.
The expanded agreement is expected to draw additional inflows and, over time, give the firm greater access to Citi’s private‑markets investment strategies.
Kerry White will succeed Jasminski as head of Citi Investment Management and will report to Keith Glenfield, global head of investments at Citi’s wealth unit.
(Reporting by Pritam Biswas in Bengaluru and Anirban Sen in New York; Editing by Tasim Zahid)
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