BlackRock has expanded its physical presence in Latin America with the opening of an Argentina office that will also serve clients in Uruguay.
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, Bloomberg reports.
"BlackRock has served the Argentine and Uruguayan wealth markets for over a decade, from Chile. Our new office will help us deepen our business and enhance the service we provide our clients in these exciting markets," the memo reads.
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.
Several big companies have been expanding their LatAm presence as the wealth creation in the region continues to grow. JP Morgan is ramping up in Mexico and the rest of Latin America.
Argentina has been a particular focus of interest as reforms implemented by Macri aimed at attracting foreign investment have been welcome by investors.
"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," Sentra added in the memo.
Firms including Itau Unibanco and UBS have considered expanding or opening wealth-management businesses there after Argentines declared $117bn in offshore funds in a tax amnesty program.
BlackRock has $5.98trn assets under management. In Latin America, it has offices in Lima, Santiago, Mexico City, Sao Paaulo and Bogota.