{"id":120381,"date":"2025-09-04T22:32:09","date_gmt":"2025-09-04T22:32:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/120381\/"},"modified":"2025-09-04T22:32:09","modified_gmt":"2025-09-04T22:32:09","slug":"citi-picks-blackrock-to-develop-custom-asset-management","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/120381\/","title":{"rendered":"Citi Picks BlackRock to Develop Custom Asset Management"},"content":{"rendered":"

Citi Wealth<\/a>\u00a0has chosen\u00a0BlackRock<\/a>\u00a0to develop a new portfolio offering for its clients.<\/p>\n

Citi Portfolio Solutions powered by BlackRock,\u00a0announced<\/a>\u00a0Thursday (Sept. 4), will see BlackRock manage around $80 billion in assets for thousands of Citi Wealth clients whose accounts are currently managed by Citi Investment Management (CIM).<\/p>\n

\u201cWe want to bring best-in-class advice, solutions and service to our clients, and we want to serve more of the world\u2019s changemakers,\u201d said\u00a0Andy Sieg<\/a>, Citi\u2019s head of wealth.<\/p>\n

\u201cWith this offering, we can accomplish both. It brings together the sophisticated relationship-driven and market-based advice of our bankers, backed by the insights of our own Chief Investment Office, with the renowned investment expertise and innovative technology capabilities of BlackRock.\u201d<\/p>\n

According to a news release, the agreement will see BlackRock manage a mix of \u201ccore, opportunistic and thematic\u201d investment strategies across equities, fixed income, multi-asset Class strategies and, eventually, private markets.<\/p>\n

Citi has also chosen BlackRock\u2019s\u00a0Aladdin Wealth<\/a>\u00a0technology platform \u2014 which features advanced risk, portfolio management and data insight capabilities \u2014 to help the bank\u2019s private bankers and investment professionals.<\/p>\n

The announcement came the same day that\u00a0Merrill<\/a>\u00a0and\u00a0Bank of America<\/a>\u00a0introduced a private market program aimed at the bank\u2019s ultra-wealthy clients. The Alts Expanded Access Program, designed for ultra-high-net-worth (UHNW) clients with a net worth of\u00a0$50 million or more<\/a>, is set to launch this fall.<\/p>\n

Meanwhile, recent PYMNTS Intelligence research has uncovered a subtle not still notable shift among higher-income Americans when it comes to managing their finances.<\/p>\n

The data shows that as of January,\u00a052% of individuals<\/a>\u00a0who make $100,000 or more annually now identify as \u201creactors\u201d \u2014 those who manage finances on an as-needed basis \u2014 compared to 27% in February 2024. \u200b<\/p>\n

Higher incomes have traditionally been associated with proactive financial management, characterized by strategic planning, consistent repayment of their debts and building a healthy savings cushion. But the current trend suggests that even affluent people are increasingly employing reactive approaches, addressing financial obligations as they crop up rather than via preemptive planning.<\/p>\n

\u201cWhile\u00a0financial prudence<\/a>\u00a0is nothing new, the nature of these reactions suggests that broader economic uncertainties are playing a role,\u201d PYMNTS wrote. \u201cInflation<\/a>, geopolitical tensions and fluctuating interest rates have all contributed to a climate of uncertainty that extends beyond traditional economic strata.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Citi Wealth\u00a0has chosen\u00a0BlackRock\u00a0to develop a new portfolio offering for its clients. Citi Portfolio Solutions powered by BlackRock,\u00a0announced\u00a0Thursday (Sept.…\n","protected":false},"author":2,"featured_media":120382,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[14464,45,49,48,66987,133,44,131,132,7995,31344,7996],"class_list":{"0":"post-120381","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-blackrock","9":"tag-business","10":"tag-ca","11":"tag-canada","12":"tag-citi","13":"tag-finance","14":"tag-news","15":"tag-personal-finance","16":"tag-personalfinance","17":"tag-pymnts-news","18":"tag-wealth-management","19":"tag-whats-hot"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/120381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=120381"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/120381\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/120382"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=120381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=120381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=120381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}