BlackRock Completes Acquisition of Asset Management Business of Citibanamex
MEXICO CITY & NEW YORK--(BUSINESS WIRE)--Sep 24, 2018--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.
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
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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KEYWORD: UNITED STATES MEXICO NORTH AMERICA CENTRAL AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
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PUB: 09/24/2018 09:15 AM/DISC: 09/24/2018 09:15 AM