Citi investment head joins BlackRock to run $80 billion wealth assets portfolio

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Dec 15 (Reuters) – BlackRock said on Monday the head of Citi’s investment management arm has joined the firm to lead a new initiative, which will oversee about $80 billion of the bank’s wealth‑management clients.

The two firms had agreed a deal in September to shift management of a large slice of Citi’s client 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 initiative 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.

There has been 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 CIM 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 and Krishna Chandra Eluri)