BlackRock Brazil Head Sees 30% Asset Growth Continuing, Downplays Election Impact

BlackRock, the world's largest asset manager, expects to sustain its strong asset growth in Brazil into next year, regardless of the outcome of this month's presidential election. The firm's country head emphasized that structural reforms, rather than political results, are the key determinant for attracting long-term capital.

Strong Growth Trajectory

In an interview with Reuters, Bruno Barino, chief executive of BlackRock for Brazil, said the firm is on track for 30% to 35% growth in assets under management (AUM) in the country this year. This performance follows a 12% expansion in 2025 and an outflow in 2024, according to the report.

Looking ahead, Barino expressed confidence in maintaining this momentum. "I think we can repeat the growth in 2027," he told Reuters, projecting a continuation of the approximately 30% growth rate.

Focus on Reforms Over Politics

Barino downplayed the direct market impact of the election, where opinion polls reportedly show a statistical tie between the leading candidates. He argued that Brazil's ability to attract long-term investment hinges more on substantive economic policy than on who wins the presidency.

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The country's main challenge is competing for global investment, a battle that will be won through fiscal reforms and policies that boost competitiveness, Barino explained. "Regardless of who wins, the depth of the reforms will determine Brazil’s ability to compete for investment," he stated.

Market Context and Strategy

A primary driver of BlackRock's expansion in Brazil is the growing demand from local clients for international investment opportunities. According to Barino, these offshore assets represent about 90% of the firm's AUM in the country.

While BlackRock manages approximately $15.3 trillion globally, its footprint in Latin America's largest economy remains relatively modest, signaling significant room for expansion. The firm did not disclose its specific AUM in Brazil. "If you look at the world’s major investable asset markets, BlackRock is a giant in all of them except Brazil," Barino noted.