BlackRock Appoints Citi to Provide Select ETF Middle Office Services on Aladdin

Key Terms

etf financial

An ETF, or exchange-traded fund, is like a basket of different investments such as stocks or bonds that you can buy or sell easily on the stock market, just like a regular share. It allows people to invest in many companies at once, making it a simple way to grow savings without picking individual stocks.

middle office financial

The middle office is the part of a financial firm that sits between sales/trading and back-office processing, handling risk checks, trade validation, pricing support, and performance and regulatory reporting. Think of it as the company’s quality-control and safety team that verifies deals are sound and compliant before records are finalized. Investors care because a strong middle office limits operational and regulatory surprises, protects assets, and supports reliable financial results.

transfer agency financial

A transfer agency is the service or department that keeps official records of who owns a company’s or fund’s shares and handles changes in ownership, transfers, share issuance, dividend payments and investor communications. Think of it as the ledger-keeper and post office for stock ownership: accurate, timely record-keeping and handling of transactions matters to investors because it ensures they receive dividends, can buy or sell shares, and have their voting and ownership rights recognized without delay or error.

Key Highlights:

• BlackRock has selected Citi to provide select middle office services for $4.0 trillion in U.S. domiciled iShares ETFs on the Aladdin platform¹
• This partnership enhances ETF order transparency and streamlines processing, reinforcing Citi's expanded ETF and middle office servicing capabilities
• The collaboration follows a 2021 mandate where Citi was appointed as an additional post-trade service provider for BlackRock's U.S. domiciled ETFs

NEW YORK--(BUSINESS WIRE)-- BlackRock has appointed Citi Investor Services to provide select middle office functions for $4.0 trillion in U.S. domiciled iShares ETFs on the Aladdin platform.

Expanding on the long-standing partnership between BlackRock and Citi, this integrated operating model streamlines the lifecycle of an ETF order, offering enhanced transparency into basket composition, order status, and settlement.

Chris Cox, Head of Investor Services at Citi, said, “Expanding our ETF and middle office servicing capabilities is central to our ambitions to grow market share with global asset managers. This latest collaboration with BlackRock reflects the outcome of our product and technology investments and deepens our relationship with a valued partner of the firm. The success of our efforts to redefine a future state operating model for ETF middle office is a testament to our shared commitment towards building innovative industry solutions and delivering exceptional service to clients.”

Derek Stein, Head of Technology and Operations at BlackRock, said, “Citi has been a trusted partner as we evolve our ETF operating model on Aladdin. This appointment reflects our confidence in Citi’s ability to support the scale, transparency, and operational rigor required across the iShares platform, ensuring efficient and resilient ETF operations for our clients.”

This latest asset servicing collaboration between BlackRock and Citi follows from a separate mandate in 2021 when BlackRock appointed Citi as an additional post-trade service provider for U.S. domiciled iShares ETFs. As part of the 2021 mandate, Citi provides custodial, fund administration, and transfer agency services to these ETFs.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

BlackRock, Inc. is not affiliated with Citi Investor Services. BLACKROCK and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

¹ BlackRock as of January 31, 2026

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226415015/en/

Media Contact:

Harsha Jethnani (Citi)

harsha.jethnani@citi.com

Source: Citi