BlackRock Takes Over $80B in Citi Private Banking Assets

Group 1 - BlackRock Inc. has taken over management responsibilities for $80 billion in assets from Citigroup's private banking clients globally, marking one of the largest deals of its kind [1] - The agreement is named Citi Portfolio Solutions powered by BlackRock, and it allows BlackRock to manage the last segment of assets that Citigroup was directly managing [1] - BlackRock already managed over $600 billion in client investments prior to this deal [1] Group 2 - As part of the agreement, fewer than 100 Citigroup employees, including Rob Jasminski, head of Citi Investment Management, have joined BlackRock [2] - BlackRock will receive management fees, while Citigroup will retain fees for advising clients [2] Group 3 - The new offering combines Citi's investment advisory and planning capabilities with BlackRock's investment management and technology strengths [3] - BlackRock will adopt a "whole portfolio approach" and manage a variety of strategies across equities, fixed income, and multi-asset solutions [3] - The initiative will also extend BlackRock's separately managed account (SMA) business internationally for the first time [3]