Home / BlackRock News: Citi Deal, Texas ETF Launch & Revenue Goals

BlackRock News: Citi Deal, Texas ETF Launch & Revenue Goals

By: Jasmin Espinas

Updated: September 5, 2025

Published: June 24, 2025

Advertising Disclosure

The content featured in this article may include sponsored placements or affiliate partnerships. These do not reflect the views or recommendations of Financial Daily Update.

We do not guarantee the accuracy or reliability of information presented by third-party contributors or advertisers. You are encouraged to verify all product claims and service terms directly with the provider.

Some of the links on this page may lead to financial partners. If you take action through those links—such as applying for a loan or signing up for a service—we may earn compensation.

That said, all editorial content is written independently and without bias, in line with our mission to provide transparent and informative financial reporting.

BlackRock, which oversees trillions in assets globally, continues to expand its institutional footprint. This week, the firm announced a deal to manage $80 billion in wealth assets for Citigroup, shifting day-to-day portfolio management away from Citi’s internal investment team.

This article also follows BlackRock’s recent launch of a Texas-focused ETF and its long-term revenue guidance through 2030.

Latest BlackRock News: BlackRock Takes Over Asset Management as Citi Restructures Wealth Business

Citigroup has agreed to shift $80 billion in client assets to BlackRock as part of a planned restructuring of its wealth unit.

The transition, announced on September 4, will transfer portfolio management responsibilities from Citi Investment Management to BlackRock.

Citi’s private bankers will remain responsible for advising clients on allocation and long-term planning.

BlackRock will handle execution through its Aladdin Wealth platform, which Citi plans to integrate across its advisory teams.

This gives Citi access to a more scalable operating model without changing its client-facing structure.

The deal is set to begin in the fourth quarter of 2025. As part of the transition, several Citi Investment Management staff will move to BlackRock.

In addition to the new inflow, BlackRock gains closer proximity to Citi’s private-markets strategies.

Texas ETF Launch Targets Booming Regional Growth Opportunities

BlackRock announced on Tuesday, June 24, the launch of a Texas-focused exchange-traded fund, aimed at capturing the state’s accelerating economic momentum.

Today, BlackRock launched the @iShares Texas Equity ETF (TEXN), opening greater access to invest in the strength and diversity of the Texas economy through the efficiency and convenience of an exchange-traded fund. Learn more about TEXN here: https://t.co/CfkgULcRuz pic.twitter.com/ef57KUcbOA

— BlackRock (@BlackRock) June 24, 2025

The ETF, called iShares Texas Equity, will focus on companies headquartered in Texas.

Texas now accounts for one in ten publicly traded U.S. companies. Since 2015, over 300 companies, including Tesla, SpaceX, Oracle, and Hewlett-Packard Enterprise, have moved operations to the state.

In this BlackRock news, the firm reported managing nearly $380 billion in assets tied to public companies in Texas. These assets include $115 billion linked to oil and gas.

At the same time, the new fund aims to build on this existing exposure by offering investors direct access to Texas’s expanding corporate landscape.

BlackRock News: BlackRock Eyes $35B Revenue by 2030 With Private Market Expansion

In this round of BlackRock news, BlackRock is targeting $35 billion in revenue by 2030, up from $20 billion in 2023.

At the same time, BlackRock plans to double its market cap to $280 billion.

Today, we are hosting our 2025 Investor Day, which offers a look into BlackRock’s long-term vision. Our leadership team shares how we’re positioning the firm to be stronger, more resilient, and drive greater value for clients and stakeholders through 2030 and beyond. pic.twitter.com/Tb4uV3rutk

— BlackRock (@BlackRock) June 12, 2025

The firm expects private markets and technology to drive at least 30% of total revenue within this timeframe.

BlackRock also emphasized how recent acquisitions in infrastructure, private credit, and data, totaling over $28 billion, support this strategy.

The company finalized its $3.2 billion purchase of UK data provider Preqin in March, adding to its tools for expanding in private markets.

In addition, executives said the firm plans to raise $400 billion in cumulative private capital by the end of the decade.

These investments command higher fees than their public market offerings, like ETFs, and are central to its growth plan.

BlackRock also aims to lead the cryptocurrency asset space, following its early entry into spot bitcoin ETFs approved by the SEC in early 2024.

Conclusion

BlackRock’s recent activity signals a stronger pivot toward fee-rich, scalable segments where it can drive long-term operating leverage.

The focus on platform-based execution, private markets, and tech-driven infrastructure reflects a clear strategy: deepen institutional relationships while reducing reliance on traditional beta products.

Execution risk remains, especially as client expectations shift toward customized solutions and tighter cost control.

But if BlackRock sustains alignment between distribution, data, and portfolio delivery, it’s positioned to compound both flows and margin without materially expanding headcount or overhead.

For ongoing coverage and analysis of BlackRock news and the latest developments from recent companies, subscribe to Financial Daily Update today.