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BlackRock to acquire asset management biz of Citigroup's Mexico unit

BlackRock Inc. has agreed to acquire Mexico-based Citibanamex's asset management business.

BlackRock and Citibanamex will also enter into a distribution agreement upon the closing of the transaction to offer BlackRock asset management products to Citibanamex clients in Mexico. Citibanamex, a subsidiary of Citigroup Inc., provides wealth management products and services to more than 20 million clients through its network of 1,500 branches in Mexico.

The transaction involves approximately US$31 billion in assets under management of Citibanamex, across local fixed income, equity and multi-asset products, primarily for retail clients.

The transaction is expected to close during the second half of 2018, subject to regulatory approvals. The financial impact of the transaction is not expected to be material to Citigroup or BlackRock earnings. Terms were not disclosed.

Citi Institutional Clients Group advised Citigroup on the transaction.