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BlackRock, Franklin Templeton eye partnership with Banco do Brasil’s asset management unit: report

BlackRock, Franklin Templeton eye partnership with Banco do Brasil's asset management unit: report
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FILE PHOTO: A man walks in front of Banco do Brasil headquarters building in Brasilia, Brazil October 29, 2019.REUTERS/Adriano Machado

SAO PAULO (Reuters) – Asset managers BlackRock Inc., Franklin Templeton and Principal Financial Group are vying for a partnership with state-controlled lender Banco do Brasil’s asset management unit, a Brazilian newspaper reported on Friday.

Financial advisor Rothschild & Co has the mandate to look for a partner on Friday, according the report, without saying how it got the information.

BlackRock, Franklin Templeton and Principal Financial did not immediately comment on the matter. Banco do Brasil declined to comment.

The asset management unit, Banco do Brasil DTVM, manages 1 trillion reais ($239.09 billion).

The state-controlled bank would now select one of the three groups for exclusive talks, the report added.

In November, Banco do Brasil announced a joint venture with UBS Group AG (UBSG.S) in investment banking, in which the Swiss bank has a controlling stake.

Reporting by Carolina Mandl and Tatiana Bautzer; editing by Nick Macfie

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