BlackRock Expects 30% Brazil Asset Growth in 2027, Says Election Outcome Irrelevant

BlackRock (BLK) expects assets under management in Brazil to grow 30%-35% in 2027, maintaining similar growth regardless of the October 2026 general election outcome, said Bruno Barino, the firm's Brazil CEO. The world's largest asset manager, with $15.3 trillion under management globally, saw Brazilian AUM rise 12% in 2025 after an outflow in 2024. Barino said growth is driven by Brazilian clients allocating roughly 90% of managed assets to international investments. Barino said Brazil's ability to attract long-term investment depends less on the election than on the depth of fiscal reforms and competitiveness policies. Recent polls show President Luiz Inacio Lula da Silva and Senator Flavio Bolsonaro statistically tied. BlackRock did not disclose its specific AUM in Brazil, which Barino said remains modest relative to its global footprint.