Citi to sell wealth alternatives unit to fintech firm iCapital

Reuters

Tue, May 13, 2025, 7:55 AM 1 min read

(Reuters) -Wall Street heavyweight Citigroup has agreed to merchantability its wealthiness alternatives portion to fintech steadfast iCapital, the companies announced connected Tuesday, arsenic the slope pursues simplifying its business.

The unit, Citi Global Alternatives, represents much than 180 funds distributed by the slope crossed plus classes including backstage equity, infrastructure, hedge funds, and backstage credit.

New York-based iCapital volition negociate and run the platform, portion Citi volition stay the distributor for the funds and connection guidance to clients connected the relation of alternate investments.

"We are excited to spouse with Citi Wealth to thrust maturation for their alternatives concern globally. iCapital's exertion level volition streamline the operations and absorption of their existent and aboriginal alternate concern funds platform," iCapital CEO Lawrence Calcano said.

The steadfast volition besides assistance Citi Wealth's planetary income capabilities with a dedicated squad to enactment the maturation of the bank's alternatives platform.

The presumption of the transaction were not disclosed.

Citi precocious revamped its wealthiness absorption limb - a cardinal measurement successful CEO Jane Fraser's maturation strategy - arsenic portion of its broader overhaul to simplify the bank's sprawling structure.

(Reporting by Arasu Kannagi Basil successful Bengaluru; Editing by Shreya Biswas)