BlackRock expects its assets under management in Brazil to continue growing strongly in 2027, with the firm's local chief executive saying the expansion should continue regardless of the outcome of the country's October 2026 general election.
Key Points
- BlackRock expects around 30% growth in Brazilian assets under management in 2027.
- The company expects its Brazilian assets to grow between 30% and 35% during 2026.
- International investments account for about 90% of BlackRock's assets managed in Brazil.
- BlackRock's Brazilian business grew 12% in 2025 after an outflow in 2024.
- The firm's Brazil chief says fiscal reforms and competitiveness will matter for attracting long-term investment.
- BlackRock manages about $15.3 trillion globally.
BlackRock Sees Continued Growth
BlackRock expects its Brazilian assets under management to grow by roughly 30% next year, according to Bruno Barino, the company's chief executive for Brazil.
Speaking to Reuters, Barino said BlackRock expects growth of between 30% and 35% in Brazil during 2026. He said the company believes it can repeat roughly that pace in 2027, even though Brazil is heading into a closely watched presidential election.
The outlook represents a continuation of the recovery of BlackRock's Brazilian business. Assets under management increased 12% in 2025 after the company experienced an outflow in 2024.
International Investments Drive Demand
A major part of BlackRock's Brazilian growth is coming from demand for investments outside Brazil. Barino said international investments represent about 90% of the firm's assets managed in the country, highlighting the importance of global investment products to its Brazilian clients.
Brazil Remains a Relatively Small Market for BlackRock
BlackRock is the world's largest asset manager, with approximately $15.3 trillion in assets under management globally. Despite its enormous international footprint, however, its presence in Brazil remains relatively modest.
Barino said Brazil is one of the world's major investable markets where BlackRock has not yet reached the scale it has achieved elsewhere.
That leaves the company with substantial room to expand if demand for investment products continues to increase among Brazilian investors.
Election Outcome Is Not the Main Variable
Brazil's presidential election is taking place against a backdrop of intense political competition, but BlackRock's local leadership says the company's growth outlook is not dependent on which candidate wins.
Instead, Barino pointed to the country's ability to attract long-term investment. He said the depth of fiscal reforms and policies aimed at improving Brazil's competitiveness will be important factors in determining how attractive the country remains to investors.
This distinction matters because an election can change economic policy, but investment decisions also depend on longer-term factors such as fiscal sustainability, regulation, productivity and the country's ability to compete for international capital.
Why Fiscal Policy Matters
BlackRock's comments place fiscal policy at the center of Brazil's longer-term investment challenge. The country's ability to attract capital will depend not only on the election result but also on the economic policies adopted afterward and the government's ability to implement reforms that improve competitiveness.
A Broader Opportunity in Latin America's Largest Economy
Brazil remains Latin America's largest economy and one of the region's most important investment markets. For global asset managers, its large population, financial system and expanding demand for international investment products create significant opportunities.
For BlackRock, the current strategy appears focused on capturing more of that demand rather than relying solely on domestic market performance.
The heavy share of international investments in its Brazilian business also means the company's growth can be connected to Brazilians seeking exposure to global markets, currencies and assets beyond their home market.
What Comes Next
BlackRock's forecast suggests the company expects its Brazilian expansion to remain resilient through the country's political transition.
But the longer-term outlook will depend on economic conditions after the election, including fiscal policy, reforms, competitiveness and investor demand.
For BlackRock, the immediate opportunity is clear: continue expanding in a market where its global scale remains much larger than its current local footprint.
BlackRock's Brazil outlook highlights how long-term investment opportunities can extend beyond the immediate outcome of a national election.
