Citi Agrees to Sell Wealth Alternatives Platform to iCapital

Citigroup Inc. agreed to sell a unit that advises its global alternative investment fund platform, which represents more than 180 funds, to technology provider iCapital.

Terms of iCapital’s deal to buy the Citi Global Alternatives business weren’t disclosed, according to a statement Tuesday. ICapital will manage and operate the fund platform, while Citi remains the distributor, offering guidance to its clients on the role of alternative investments.

“Citi Wealth already has a strong working relationship with iCapital on alternative solutions, and we’re excited to expand our relationship,” Daniel O’Donnell, head of Citi Wealth Alternatives and Investment Manager Solutions, ...