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Citi has selected BlackRock to manage an US$80 billion investment portfolio for Citi Wealth clients, marking a major outsourcing move from its in-house unit, Citi Investment Management (CIM). As part of the deal, BlackRock will run portfolios for Citi Wealth clients across nearly 100 countries, while Citi bankers will continue managing client relationships, asset allocation and product selection. Some CIM…
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