BlackRock expects Brazil asset growth regardless of election

This expansion is supported by increasing interest from BlackRock's Brazilian clients in international investments, which currently account for approximately 90% of the firm's managed assets in the country. While BlackRock has been expanding its operations in Latin America's largest economy, its presence remains modest compared to its global footprint. Barino noted that Brazil is one of the few major investable markets where BlackRock is not yet a dominant player.

Barino emphasized that Brazil's primary challenge lies in competing for long-term investments. He believes that the country's success in attracting these resources hinges less on the election results and more on the implementation of fiscal reforms and policies designed to enhance competitiveness. Opinion polls indicate a close race between President Luiz Inacio Lula da Silva and Senator Flavio Bolsonaro, but Barino reiterated that the depth of reforms will be the determining factor for Brazil's investment competitiveness, irrespective of who wins the election.