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Citi Exec Jumps to BlackRock with $80bn Portfolio
16 Dec
Summary
- Citi's investment management head joins BlackRock to manage $80bn.
- BlackRock will manage significant Citi client portfolios.
- Citi completes sale of 25% equity stake in Grupo Financiero Banamex.
Rob Jasminski, formerly the head of Citi's investment management unit, has joined BlackRock. He will now manage a nearly $80 billion portfolio for wealth management clients. This significant move is part of a broader agreement established in September, which integrates a substantial portion of Citi's client portfolio management under the BlackRock umbrella, branded as Citi Portfolio Solutions Powered by BlackRock.
Jasminski's transition includes a team from Citi's investment management division, where he will serve as a portfolio manager for this new initiative. Kerry White is set to succeed Jasminski as the head of Citi Investment Management. Meanwhile, BlackRock will spearhead the design and implementation of portfolio strategies, and Citi plans to introduce BlackRock's Aladdin Wealth platform to its staff.
In parallel, Citi has finalized the sale of approximately 25% of its equity in Grupo Financiero Banamex to an entity controlled by Fernando Chico Pardo and his family. This transaction, having received regulatory approval, positions Pardo as the new Chair of Grupo Financiero Banamex. Citi's CEO, Jane Fraser, stated this move advances the strategic divestment of Banamex and allows Citi to enhance its institutional business in Mexico.
