BlackRock has appointed Rob Jasminski, former head of Citi Investment Management (CIM), to lead a new wealth-management initiative overseeing approximately $80 billion in client assets transferred from Citigroup.
The move follows a strategic agreement announced in September, under which a significant portion of Citi’s wealth portfolios will be managed by BlackRock through “Citi Portfolio Solutions Powered by BlackRock.”
🔹 How the Partnership Works
- BlackRock will design and implement portfolio strategies
- Citi private bankers will continue to provide client advice, asset allocation guidance, and relationship management
- Citi will deploy BlackRock’s Aladdin Wealth platform across its private banking and investment teams
Jasminski joins BlackRock alongside a team from CIM, becoming portfolio managers for the new platform effective immediately.
🔹 Strategic Context
The partnership reflects a broader industry trend:
- Large banks are increasingly outsourcing portfolio construction to specialist asset managers
- Banks are sharpening their focus on client advice and financial planning, rather than in-house investment management
It also aligns with Citi CEO Jane Fraser’s restructuring strategy, aimed at simplifying operations and improving profitability in the wealth franchise.
🔹 What’s Next
- Kerry White will succeed Jasminski as head of CIM
- The expanded relationship is expected to generate additional inflows and deepen BlackRock’s access to Citi’s private-markets strategies over time