Recently, BlackRock (BLK - Free Report) announced the completion of the acquisition of the asset-management business of Citibanamex, a subsidiary of Citigroup (C - Free Report) . The deal was announced in November 2017. Notably, all viable approvals by Mexican regulatory bodies were granted to the deal.
The deal involved acquisition of nearly $34 billion in assets under management of Citibanamex across local fixed income, equity and multi-asset products. The deal has brought together two major companies enabling both to better cater to client needs through a wider range of products and services.
Additionally, long-term potential of the Mexican market will likely aid BlackRock in catering clients with local and international investment solutions further, after serving 10 years there.
In Latin America and Iberia, BlackRock works with around 275 professionals in eight offices, managing assets worth $184 billion. Upon completion of the deal, BlackRock will now offer asset-management products to Citibanamex clients in Mexico.
Armando Senra, head of the Latin America & Iberia region for BlackRock, said: “This transaction is transformative for BlackRock and the asset management industry in Mexico and the region. As an independent asset manager with local and global capabilities, BlackRock brings Mexican clients unparalleled investment solutions backed by our world-class risk management technology.”
Per Ernesto Torres Cantu, CEO of Citibanamex, Citigroup remains committed to provide the best client experience in Mexico. He also noted that Citigroup’s association with BlackRock matches this commitment.
Our Take
BlackRock has been actively diversifying its investments and shifting from low interest rate-affected investments to more global and opportunistic investments. The aforesaid transaction is in line with BlackRock’s aim to become a full solutions provider in key global markets.
Shares of BlackRock have gained around 11% in the past year, outperforming 0.1% growth of the industry it belongs to.
Currently, the stock carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Lazard Ltd (LAZ - Free Report) has been witnessing upward estimate revisions for the past 60 days. Also, the company’s shares have climbed nearly 13.6% in the past year. It carries a Zacks Rank of 2 (Buy), at present.
SEI Investments Company (SEIC - Free Report) has been witnessing upward estimate revisions for the past 60 days. Additionally, the stock has jumped more than 3% in a year’s time. It currently carries a Zacks Rank #2.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Recently, BlackRock (BLK - Free Report) announced the completion of the acquisition of the asset-management business of Citibanamex, a subsidiary of Citigroup (C - Free Report) . The deal was announced in November 2017. Notably, all viable approvals by Mexican regulatory bodies were granted to the deal.
The deal involved acquisition of nearly $34 billion in assets under management of Citibanamex across local fixed income, equity and multi-asset products. The deal has brought together two major companies enabling both to better cater to client needs through a wider range of products and services.
Additionally, long-term potential of the Mexican market will likely aid BlackRock in catering clients with local and international investment solutions further, after serving 10 years there.
In Latin America and Iberia, BlackRock works with around 275 professionals in eight offices, managing assets worth $184 billion. Upon completion of the deal, BlackRock will now offer asset-management products to Citibanamex clients in Mexico.
Armando Senra, head of the Latin America & Iberia region for BlackRock, said: “This transaction is transformative for BlackRock and the asset management industry in Mexico and the region. As an independent asset manager with local and global capabilities, BlackRock brings Mexican clients unparalleled investment solutions backed by our world-class risk management technology.”
Per Ernesto Torres Cantu, CEO of Citibanamex, Citigroup remains committed to provide the best client experience in Mexico. He also noted that Citigroup’s association with BlackRock matches this commitment.
Our Take
BlackRock has been actively diversifying its investments and shifting from low interest rate-affected investments to more global and opportunistic investments. The aforesaid transaction is in line with BlackRock’s aim to become a full solutions provider in key global markets.
Shares of BlackRock have gained around 11% in the past year, outperforming 0.1% growth of the industry it belongs to.
Currently, the stock carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Lazard Ltd (LAZ - Free Report) has been witnessing upward estimate revisions for the past 60 days. Also, the company’s shares have climbed nearly 13.6% in the past year. It carries a Zacks Rank of 2 (Buy), at present.
SEI Investments Company (SEIC - Free Report) has been witnessing upward estimate revisions for the past 60 days. Additionally, the stock has jumped more than 3% in a year’s time. It currently carries a Zacks Rank #2.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on C - FREE
Get the latest research report on BLK - FREE
Get the latest research report on LAZ - FREE
Get the latest research report on SEIC - FREE