Key Moments
- BlackRock forecasts around 30% growth in assets under management in Brazil next year, independent of the upcoming election outcome.
- Assets under management in Brazil are expected to expand between 30% and 35% this year, following a 12% increase in 2025 and an outflow in 2024.
- Approximately 90% of BlackRock’s Brazilian assets are allocated to international investments, reflecting growing offshore demand from local clients.
Growth Outlook in Brazil
SAO PAULO, Oct 2 (Reuters) – BlackRock, the world’s largest asset manager, is projecting that its assets under management in Brazil will advance by around 30% next year, with that expectation remaining unchanged regardless of the result of this month’s general election, according to the firm’s top executive in the country.
In an interview with Reuters, Bruno Barino, chief executive of BlackRock for Brazil, said the firm is on track to expand its Brazilian assets under management by a range of 30% to 35% this year. He linked this performance to a 12% increase in 2025, which followed an outflow in 2024.
“I think we can repeat the growth in 2027,” Barino said, indicating his confidence in the durability of the firm’s expansion trajectory in the local market.
Client Demand and International Allocation
Barino highlighted that this expected growth is being underpinned by accelerating demand from Brazilian clients for global exposure. International strategies currently account for about 90% of BlackRock’s total assets managed in Brazil, underscoring the prominence of cross-border investments in its local business mix.
BlackRock’s Position in Brazil
BlackRock, which has some $15.3 trillion under management globally, has been scaling up its operations in Brazil, Latin America’s largest economy. Even so, Barino characterized the firm’s footprint in the country as relatively small when set against its global presence.
“If you look at the world’s major investable asset markets, BlackRock is a giant in all of them except Brazil,” Barino said. The firm did not disclose the specific amount of assets it manages domestically.
| Metric | Description |
|---|---|
| Global assets under management | $15.3 trillion |
| Expected Brazil AUM growth this year | Between 30% and 35% |
| Planned Brazil AUM growth next year | Around 30% |
| Brazil AUM change in 2025 | 12% rise |
| Brazil AUM trend in 2024 | Outflow |
| Share of international investments in Brazil AUM | About 90% |
Reforms, Competitiveness, and Election Implications
Barino described Brazil’s principal challenge as strengthening its appeal for long-term capital. He stressed that the country’s success in attracting such investment is influenced less by who wins the election and more by the scope and depth of fiscal reforms and measures aimed at improving competitiveness.
Opinion surveys have indicated that President Luiz Inacio Lula da Silva and Senator Flavio Bolsonaro are statistically tied in simulated election scenarios. “Regardless of who wins, the depth of the reforms will determine Brazil’s ability to compete for investment,” the executive said.
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