Citi Wealth has announced a partnership with BlackRock to launch Citi Portfolio Solutions powered by BlackRock, a customized portfolio offering.

Citigroup Inc. is entrusting BlackRock Inc. with tens of billions of dollars of clients’ investments in a move that will close the bank’s only remaining in-house asset manager and outsource more of its wealth unit’s offerings.

(Reuters) -BlackRock struck a deal with Citigroup to manage about $80 billion in assets for the bank's wealth management clients, Citi said on Thursday. 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.