Published by Global Banking & Finance Review®
Posted on May 13, 2025
2 min readLast updated: January 23, 2026
Add as preferred source on GoogleCitigroup sells its wealth alternatives unit to iCapital to simplify its business. iCapital will manage the platform, while Citi remains a distributor.
(Reuters) -Wall Street heavyweight Citigroup has agreed to sell its wealth alternatives unit to fintech firm iCapital, the companies announced on Tuesday, as the bank pursues simplifying its business.
The unit, Citi Global Alternatives, represents more than 180 funds distributed by the bank across asset classes including private equity, infrastructure, hedge funds, and private credit.
New York-based iCapital will manage and operate the platform, while Citi will remain the distributor for the funds and offer guidance to clients on the role of alternative investments.
"We are excited to partner with Citi Wealth to drive growth for their alternatives business globally. iCapital's technology platform will streamline the operations and management of their current and future alternative investment funds platform," iCapital CEO Lawrence Calcano said.
The firm will also assist Citi Wealth's global sales capabilities with a dedicated team to support the growth of the bank's alternatives platform.
The terms of the transaction were not disclosed.
Citi recently revamped its wealth management arm - a key step in CEO Jane Fraser's growth strategy - as part of its broader overhaul to simplify the bank's sprawling structure.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shreya Biswas)
The article discusses Citigroup's sale of its wealth alternatives unit to fintech firm iCapital as part of its strategy to simplify its business.
iCapital will manage and operate the Citi Global Alternatives platform.
Citi will remain the distributor for the funds and provide guidance on alternative investments.
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