Citi’s investment management unit head, Rob Jasminski has joined BlackRock, where he will oversee nearly $80bn portfolio for wealth management clients, reported Reuters.
The move follows an agreement signed between the companies in September, which transferred management of a significant portion of Citi’s client portfolios to BlackRock under the Citi Portfolio Solutions Powered by BlackRock brand.
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Jasminski joins BlackRock together with a team from Citi’s investment management unit, where he will serve as portfolio manager for the new initiative.
Kerry White will succeed Jasminski as Citi Investment Management (CIM) head and report to Citi’s wealth division investments global head Keith Glenfield.
Citi’s private banking clients who were previously managed by CIM will continue to receive advice, asset allocation support, and guidance from their Citi private bankers.
BlackRock will be responsible for designing and implementing portfolio strategies. Citi will also introduce BlackRock’s Aladdin Wealth platform to its investment staff and private bankers.
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By GlobalDataIn a separate development, Citi has completed the sale of approximately 25% of its equity stake in Grupo Financiero Banamex to a company fully owned by Fernando Chico Pardo and his immediate family members.
As part of the agreement, Fernando Chico Pardo will assume the role of Chair of Grupo Financiero Banamex with immediate effect.
The transaction, initially announced in September this year, has secured approval from Mexican financial and antitrust regulators and has fulfilled all required closing conditions.
Citi chairman and CEO Jane Fraser said: “The closing of this transaction advances our strategic priority of divesting of Banamex and places it in the hands of one of Mexico’s most successful investors.
“It also allows us to redouble our commitment to our institutional business in Mexico, investing in the platforms, talent, and relationships that will solidify our leadership position and deliver sustained growth for our clients and shareholders.”
In October this year, Citigroup appointed Tobias Akermark from Barclays and Kasper Dichow from Nordea to co-lead its Nordic investment banking division.
