BlackRock Completes Acquisition of Asset Management Business of Citibanamex
September 24 2018 - 9:15AM
Business Wire
- Through a distribution agreement,
Citibanamex will offer BlackRock investment funds backed by
BlackRock’s world-class technology
- BlackRock reaffirms conviction in
Mexico’s long-term growth potential and will now offer full range
of local and international investment solutions
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 | Twitter: @Citi | YouTube: www.youtube.com/citi
| Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi
| LinkedIn: www.linkedin.com/company/citi
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Media:Barbara
WilliamsBarbara.Williams1@BlackRock.com646-231-1626
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