We are advising BlackRock on the largest arrangement of its kind

Davis Polk is advising BlackRock on its agreements with Citi Wealth to launch Citi Portfolio Solutions powered by BlackRock, a new portfolio offering for Citi clients. The agreements include the appointment of BlackRock to manage approximately $80 billion in assets for thousands of Citi Wealth clients whose accounts are currently managed by Citi Investment Management. Under the agreements, certain members of Citi Investment Management will join BlackRock, where they will continue to serve as portfolio managers. As part of the arrangement, BlackRock will manage a range of core, opportunistic and thematic investment strategies, and Citi will deploy BlackRock’s Aladdin Wealth technology platform to its private bankers and investment professionals. The agreement is expected to begin in the fourth quarter of 2025, subject to customary approvals and conditions. 

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, BlackRock helps millions of people build savings that serve them throughout their lives by making investing easier and more affordable.

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Citi Wealth includes the Private Bank, Wealth at Work and Citigold businesses and provides financial services to a range of client segments including affluent, high net worth and ultra-high net worth clients through banking, lending, mortgages, investment and custody product offerings. As of the second quarter 2025, Citi Wealth has been entrusted with more than $1 trillion in client balances, including $635 billion in client investment assets.

The Davis Polk corporate team includes partners Evan Rosen and Pritesh P. Shah, counsel Sašo Kraner and associate Lachlan J. Forrester. Partner Kyoko Takahashi Lin and associate Josh Ehrhart are providing executive compensation advice. Partner Gregory S. Rowland and counsel Michael W. Brasher are providing investment management advice. Partner Ethan R. Goldman and counsel Yixuan Long are providing tax advice. All members of the Davis Polk team are based in the New York office. 

Copy link to share post