BlackRock Targets Pension Funds in Growth Strategy for Brazil

BlackRock Inc., the world’s largest asset manager, is in talks with Brazilian pension funds to expand further into the 2.9 trillion-real ($510 billion) industry.

“Today, we don’t have a mandate to manage money from pension funds locally in Brazil,” Bruno Barino, who took over as BlackRock’s Brazil country manager in October, said in an interview. “But it’s a natural evolution; there is no way to be in this market and not do it.”