BlackRock’s strategy is independent of politics, head for Brazil says
Changes in Brazil’s macroeconomic environment and political configuration are indifferent to BlackRock’s business plan in the country, according to Karina Saade, who took over as CEO in Brazil in the middle of last year. The strategy outlined for a period of three years foresees the strengthening of exchange-traded funds (ETF) linked to Brazilian Depositary Receipts (BDR) in the stock exchange B3, and a closer relationship with institutional investors, including pension funds and asset and wealth managers.For Ms. Saade, the cycle of high interest rates in Brazil, with higher exchange rates, and the monetary tightening in the United States are insufficient to change a more structural route of diversification of asset classes, in different currencies, by local investors."The strategy does not depend on the administration, that is, on the government that is in Brazil. I think it has nothing to do with this government, it has much more to do with investor trends, the composition of the investors base in Brazil, the demands of these investors. I also think it doesn’t change according to the macro environment, because there is a question of how much your portfolio should be structurally diversified," Ms. Saade said.In Brazil, BlackRock holds R$5.5 billion in variable income BDR ETFs, and this week it brought six other ones linked to fixed income indexes listed in the United States, totaling 80. The $10 trillion U.S. giant does not disclose the resources of Brazilians under management abroad, but Ms. Saade says Black Rock has the equivalent of $60 billion invested in local assets through several international funds.Read the main excerpts from the interview via videoconference.The first monthsWhat we discussed when I took over in Brazil, obviously in partnership with Cacá [Carlos Takahashi, former CEO, now the chair] and all the other people, and one reason why we increased our team — we hired eight people last year, added a lot of muscle to our office — is that we see Brazilian investors increasingly open to this conversation of portfolio diversification and this was accelerated by the digitalization of the industry. There is really an expansive growth in the number of fintechs in Brazil, several started their operations in the banking channel and are now expanding to investments. This is the great opportunity in Brazil. That doesn’t depend on the macro scenario because people always say, "what will happen now that interest rates are going up?" The truth is that in Brazil portfolios are very concentrated in local asset classes. So, regardless of the macro scenario, bringing in assets that are not correlated with Brazil creates an opportunity for risk/return improvement. This is our thesis. It is a structural trend and we are going to navigate the cycles of this trend.Demography and digitalizationOur big bet...
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