Citi Taps BlackRock Portfolio Manager to Be Wealth Unit's CIO

By Todd Gillespie

News November 26, 2024 at 03:12 PM

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Citigroup said that Kate Moore, a portfolio manager at BlackRock, will join its Citi Wealth business as chief investment officer.

Moore, who most recently served as head of thematic strategy for BlackRock’s $50 billion global allocation business, will move to Citigroup in February, according to an internal memo seen by Bloomberg News.

Moore “is a widely respected industry thought leader with expertise from asset allocation to thematic investing to equity research,” wealth chief Andy Sieg said in the memo.

Moore will oversee the chief investment office, the global investment committee and the unit’s sustainable-investing team, according to the memo.

Steven Wieting, who held the CIO position on an interim basis for the past six months, will continue as chief investment strategist and economist for the business.

Sieg has been revamping the wealth operation since moving to Citigroup from Bank of America Corp.’s Merrill Lynch brokerage last year. He has fired managers, filled senior posts with external hires, pressed clients to bring in more of their funds and renewed a push to upgrade technology.

This year, Sieg's team also greenlit special retention bonuses for dozens of personnel, trying to stanch departures during the turnaround.

See: Citi's Wealth Boss Offers Retention Bonuses as Part of Revamp