Citigroup's wealth management arm has entered into a strategic agreement with wealth technology provider Advyzon to develop a global unified managed account (UMA) program, marking the latest effort by the bank to modernize its investment infrastructure and compete more effectively with larger rivals.
Under the terms announced Tuesday, Advyzon Enterprise Solutions and Advyzon Investment Management will supply the technology backbone for the UMA platform, which is slated for an initial launch in the fourth quarter of 2026. The program will serve clients across Citi Private Bank, Wealth at Work, and the Citigold and Citigold Private Client segments, covering regions including North America, Latin America, Europe, the Middle East, Africa, and Asia-Pacific.
The platform is designed to consolidate Citi Wealth's existing suite of investment products—exchange-traded funds, mutual funds, separately managed accounts, and alternative investments—into a single account structure. Clients will benefit from a unified fee, consolidated reporting, multi-currency capabilities, and access to both onshore and offshore investment vehicles. The offering will also incorporate guidance from the bank's Chief Investment Office and integrate Citi Portfolio Solutions powered by BlackRock, a separately managed account program announced in September 2024 that placed roughly $80 billion in client assets under BlackRock's management.
Advyzon, a Chicago-based firm serving over 2,500 wealth management firms, was chosen following a competitive selection process. Its technology stack includes model management, a manager marketplace, tax overlay and direct indexing, trading, portfolio modeling, rebalancing, billing, and reporting—all built on what the companies describe as an AI-enabled, multi-currency, multi-jurisdictional architecture.
Keith Glenfield, head of investment solutions at Citi Wealth, characterized the program as an industry innovation that combines global reach with a simplified, personalized investment experience. Hailin Li, founder and CEO of Advyzon, expressed pride in partnering with Citi to create a unified advisory platform that spans prospecting, account opening, UMA/household management, client reporting, and custodial functions.
The deal comes as Citi works to close a significant competitive gap in wealth management. Andy Sieg, who joined Citi in 2023 after serving as president of Merrill Lynch Wealth Management, has pushed the bank to shift from lending-centric revenues toward recurring investment income. Last year, Sieg acknowledged that the bank's managed assets platform required adjustments to deliver the kind of UMA experience that U.S. and global investors increasingly expect.
The scale of the challenge is evident in the numbers. Citi's private bank generated $2.7 billion in revenue in 2025, up 12% year over year, but JPMorgan's private bank brought in over $12 billion during the same period. Net new investment assets, which Sieg has described as his north star, fell 11% year over year to $15 billion in the first quarter of 2026, even as total client assets grew 9% to $1.19 trillion. Overall, Citigroup posted its strongest revenue quarter in at least a decade to open 2026, with total revenue reaching $24.63 billion. CEO Jane Fraser is expected to provide updates on the company's restructuring at an investor day next month.
For Advyzon, the partnership represents a significant expansion beyond the RIA market where it built its reputation. The firm has ranked first in client satisfaction among all-in-one platforms for nine consecutive years in the T3/Inside Information Software Survey, and Advyzon Investment Management also ranked first in client satisfaction among turnkey asset management programs in the most recent edition. The Citi deal positions Advyzon to serve a global banking clientele, potentially reshaping its competitive standing.
