Investment management: BlackRock begins Latin American expansion
US listed asset management firm BlackRock has embarked on a renewed drive into Latin America.
We are taking our time to see where clients demand a presence on the ground and then we will respond. At the moment, I think we serve our clients well from New York
"Although we have about $10 billion under management in the region, we don’t have a footprint on the ground. Now we plan to expand our footprint and improve our coverage," says Armando Senra, the newly appointed head of Latin America at the firm. Senra is exploring the possibility of opening offices in Brazil, Mexico and Peru, as well as building on BlackRock’s presence in Chile, which it has through parent company Merrill Lynch’s partnership with a local broker.
Despite Senra’s ambitious plans, he is not in a rush. "We are taking our time to see where clients demand a presence on the ground and then we will respond. At the moment, I think we serve our clients well from New York. We don’t want to fly in there and open up an office and then have to shut it again in the future. We are in the region for the long term."