(HedgeCo.Net) — In one of the most consequential moves in the alternative asset space this week, BlackRock has announced the appointment of Rob Jasminski, previously head of Citi Investment Management (CIM), to lead a newly expanded business overseeing roughly $80 billion in Citi wealth assets under BlackRock’s portfolio management. Reuters
This appointment comes under the strategic partnership between BlackRock and Citi — under which BlackRock manages investments while Citi continues advisory services — a trend increasingly seen as traditional banks outsource execution to specialist asset managers while retaining client relationships. Reuters
Why this matters:
- The collaboration underscores how large alternative managers are penetrating wealth channels beyond institutions— pulling in assets from private banks, family offices, and high-net-worth (HNW) segments.
- BlackRock’s Aladdin Wealth platform will serve as the backbone of Citi’s execution capabilities, allowing for enhanced risk analytics, portfolio design and digital integration. Reuters
Market reaction:
Shares in asset managers rallied on the news as investors see partnerships with banks as durable distribution channels in an era where alternatives move toward mainstream adoption. Analysts note this trend complements broader shifts documented in recent industry reports highlighting democratization of alts for everyday investors. CBH
Trend Watch: Institutional-grade alternatives are rapidly moving into traditional wealth verticals.