May 13 (Reuters) -

Wall Street heavyweight Citigroup ( C/PN ) has agreed to sell

its wealth alternatives unit to fintech firm iCapital, the

companies announced on Tuesday, as the bank pursues simplifying

its business.

The unit, Citi Global Alternatives, represents more than 180

funds distributed by the bank across asset classes including

private equity, infrastructure, hedge funds, and private credit.

New York-based iCapital will manage and operate the

platform, while Citi will remain the distributor for the funds

and offer guidance to clients on the role of alternative

investments.

"We are excited to partner with Citi Wealth to drive growth

for their alternatives business globally. iCapital's technology

platform will streamline the operations and management of their

current and future alternative investment funds platform,"

iCapital CEO Lawrence Calcano said.

The firm will also assist Citi Wealth's global sales

capabilities with a dedicated team to support the growth of the

bank's alternatives platform.

The terms of the transaction were not disclosed.

Citi recently revamped its wealth management arm - a key

step in CEO Jane Fraser's growth strategy - as part of its

broader overhaul to simplify the bank's sprawling structure.