Citigroup has agreed to sell its Citi Global Alternatives unit—comprising over 180 alternative investment funds—to fintech and wealthtech firm iCapital as part of its ongoing strategy to simplify operations. Under the deal, iCapital will manage the platform while Citi retains fund distribution and client advisory roles, leveraging iCapital’s technology to streamline fund management. The move aligns with CEO Jane Fraser’s broader effort to restructure and grow Citi’s wealth management division globally.

Citi to Sell Wealth Alternatives Unit to Fintech Firm iCapital