BlackRock Opens Argentina Office in a Bet on Local Growth

(Bloomberg) -- BlackRock Inc. has opened an office in Buenos Aires, according to a company memo.

The world’s largest asset manager has opened a local office to serve Argentina and Uruguayan clients, according to an internal memo sent by the company’s head of Latin America, Armando Senra. The office will be led by Francisco Rosemberg, who joined BlackRock from Schroders last year. BlackRock had previously served Argentine and Uruguayan wealth markets from Chile for over a decade, according to the memo. BlackRock, with about $6 trillion in assets, is pushing into fast-growing markets outside the U.S.

The move comes as Argentine president Mauricio Macri seeks to boost foreign investment, jump start growth and boost local capital markets amid a slowdown in the economy ahead of presidential elections. Firms including Itau Unibanco Holding SA and UBS Group AG have considered expanding or opening wealth-management businesses there after Argentines declared $117 billion in offshore funds in a tax amnesty program. Congress also passed a law in 2018 to allow onshore private banking advising on assets held abroad.

“Our new office will help us deepen our business and enhance the service we provide our clients in these exciting markets,” Senra wrote in the memo, dated Jan. 17. “Argentina is the third largest economy in Latin America, and recently-implemented capital markets reforms allow for a more open economy and the development of the asset management industry.”

Bloomberg previously reported the plans to open an office in July.

--With assistance from Annie Massa.

To contact the reporter on this story: Carolina Millan in Buenos Aires at cmillanronch@bloomberg.net

To contact the editor responsible for this story: Courtney Dentch at cdentch1@bloomberg.net

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