BlackRock expands Citi ETF services

BlackRock has expanded its partnership with Citi Investor Services, appointing them to provide select middle office functions for $4 trillion in U.S.-domiciled iShares Exchange-traded fund on the BlackRock===Aladdin (investment management platform). This builds on a 2021 mandate where Citigroup became an additional post-trade service provider for BlackRock's U.S.-domiciled iShares ETFs, offering custodial, fund administration, and transfer agency services. The integrated operating model aims to streamline the lifecycle of an Exchange-traded fund order, offering enhanced transparency into basket composition, order status, and settlement. Chris Cox (businessman), Head of Investor Services at Citigroup, emphasized the importance of this expansion for Citigroup's market share growth, while Derek Stein, Head of Technology and Operations at BlackRock, expressed confidence in Citigroup's capabilities to support the iShares platform.