Brazil has been showing remarkable resilience amid escalating global pressures and continues to post robust growth. In an attempt to capitalize on the country’s growing fortunes, BlackRock (NYSE: BLK), the firm behind the iShares division, now plans to provide a government bond exchange traded fund through its Brazilian unit.
The firm expects “aggressive” growth in the Brazilian market in 2012, reports Adriana Chianni for Bloomberg..
“We expect aggressive growth in the business,” BlackRock country head Luiz Felipe Andrade said in the article. “If the market cooperates, we want to grow next year way more than the 30 percent growth in fund shares we had this year.”
The fund company’s Brazilian has over $574 million in equity ETFs under management.
BlackRock plans to create the fixed-incom ETFs as soon as Brazil’s securities regulatory body permits the sale of the ETFs. The CVM may allow financial firms and bourses to create ETFs, but first, the regulatory body plans to start a public consultation on the proposal in the first half of next year.
For more information on Brazil, visit our Brazil category.
Max Chen contributed to this article.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.