Sept 4 (Reuters) - Citigroup ( C/PN ) said on Thursday it

will transfer about $80 billion in client assets from its wealth

management unit to BlackRock ( BLK ), further outsourcing

investment management as it simplifies core operations.

The move highlights a growing trend among big banks to

partner with specialist asset managers while refocusing wealth

businesses on client advice and financial planning.

Clients currently overseen by Citi Investment Management

(CIM) will continue to work with their Citi private bankers for

wealth advice, asset allocation and strategy selection.

BlackRock ( BLK ) will manage and implement those strategies,

and Citi will roll out BlackRock's ( BLK ) Aladdin Wealth platform to

its private bankers and investment professionals.

The partnership aligns with CEO Jane Fraser's

restructuring push to streamline operations and sharpen

profitability in wealth management, following years of overhauls

and job cuts.

Under the agreement, some CIM employees will join

BlackRock ( BLK ) as portfolio managers for Citi clients.

For BlackRock ( BLK ), the deal brings a sizable inflow and,

over time, access to Citi's private-markets investment

strategies.

The asset manager is targeting $400 billion of

cumulative private-markets fundraising by 2030 as it contends

with margin pressure from lower-fee index strategies.

The agreement is expected to begin in the fourth quarter of

2025.