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Citigroup has made an announcement stating that, in the fourth quarter of 2025, it will transfer $80 billion worth of assets, which are currently managed by its wealth - management division, to BlackRock for management. This strategic move is a clear indication that major banks are intensifying their cooperation with specialized asset - management companies. At the same time, it shows that these banks are redirecting their focus towards client advisory services and financial planning. In the context of this partnership, Citigroup is set to shut down its final internal asset - management platform. By doing so, it will further expand the outsourcing of its wealth - management products, relying more on external expertise to better serve its clients.
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