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Through a distribution agreement, Citibanamex will offer BlackRock
investment funds backed by BlackRock’s world-class technology
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BlackRock reaffirms conviction in Mexico’s long-term growth
potential and will now offer full range of local and international
investment solutions
MEXICO CITY & NEW YORK--(BUSINESS WIRE)--
BlackRock (NYSE:BLK) has completed its acquisition of Citibanamex’s
asset management business. Citibanamex is a subsidiary of Citigroup Inc.
(NYSE:C). The transaction involves fixed income, equity, and multi-asset
funds holding approximately $34 billion in investments.
This acquisition reaffirms BlackRock’s conviction in Mexico’s long-term
growth potential and positions BlackRock to help more Mexicans build
better financial futures. With 10 years of experience in the Mexican
market, BlackRock will now offer a full range of local and international
investment solutions for clients there.
The transaction is part of Citi’s emphasis on expanding access to
best-in-class investment products, rather than on manufacturing
proprietary asset management products.
Prior to the acquisition, BlackRock’s business in Mexico focused
primarily on offering international investment and risk management
products and services to institutional clients, while Citibanamex Asset
Management focused primarily on the retail segment.
BlackRock’s presence in Latin America and Iberia has now grown to
approximately 275 professionals across eight offices with $184 billion
in assets managed on behalf of clients in the region.
Armando Senra, Head of the Latin America & Iberia region for
BlackRock, said: “This transaction is transformative for BlackRock
and the asset management industry in Mexico and the region. As an
independent asset manager with local and global capabilities, BlackRock
brings Mexican clients unparalleled investment solutions backed by our
world-class risk management technology.”
Ernesto Torres Cantu, CEO of Citibanamex, said: “BlackRock and
Citibanamex are enhancing their longstanding institutional relationship
and will offer, through a distribution agreement, BlackRock investment
products to Citibanamex’s 21 million banking clients in its network of
1,500 branches in Mexico. Citibanamex clients can invest as little as
1,000 pesos (approximately $50 dollars) in products backed by
BlackRock’s world-class investment and risk management platform.”
BlackRock’s Mexico office will continue to be led by Samantha Ricciardi,
Managing Director.
The transaction received all necessary approvals from Mexican regulatory
entities.
About BlackRock
BlackRock helps investors build better financial futures. As a fiduciary
to our clients, we provide the investment and technology solutions they
need when planning for their most important goals. As of June 30, 2018,
the firm managed approximately $6.3 trillion in assets on behalf of
investors worldwide. For additional information on BlackRock, please
visit www.blackrock.com
About Citi
Citi, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and jurisdictions.
Citi provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities
brokerage, transaction services, and wealth management. For more
information about Citi, please visit www.citigroup.com
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View source version on businesswire.com: https://www.businesswire.com/news/home/20180924005537/en/
Media:
Barbara Williams
Barbara.Williams1@BlackRock.com
646-231-1626
Source: BlackRock