Citigroup hands BlackRock $80 Billion of assets in wealth deal

Citigroup is transferring $80 billion in client assets to BlackRock in a significant wealth management deal. This decision will close Citigroup's last in-house asset management unit and expand its partnership with BlackRock.

The bank currently has $635 billion in client investments, with BlackRock already managing a portion of that. The new partnership will see BlackRock take over the management of assets from Citigroup's wealthiest clients. This move is part of Citigroup's strategy to outsource more of its wealth unit's offerings.