The asset management business was acquired by the US-based investment management company for an undisclosed price.

Announced in November 2017, the deal was completed after receiving all the required approvals from Mexican regulatory bodies.

Through the acquisition of the asset management business, BlackRock has added fixed income, equity, and multi-asset funds worth nearly $34bn in investments. It has also grown its footprint in Latin America and Iberia to nearly 275 professionals in eight offices with $184bn worth assets under management.

BlackRock said that the acquisition reaffirms its belief in Mexico’s long-term growth potential and puts it in a position to help more Mexicans in planning better financial futures.

The global investment management company, which has been operating in the Mexican market for 10 years, will now provide comprehensive local and international investment solutions for its clients in the Central American country.

BlackRock Latin America & Iberia region head Armando Senra said: “This transaction is transformative for BlackRock and the asset management industry in Mexico and the region.

“As an independent asset manager with local and global capabilities, BlackRock brings Mexican clients unparalleled investment solutions backed by our world-class risk management technology.”

Before the acquisition of the asset management business, BlackRock’s operations in Mexico focused mainly on offering international investment and risk management products and services to institutional clients. On the other hand, Citibanamex Asset Management focused mainly on the retail segment.

For Citigroup, the sale of the Mexican asset management business was taken up to expand its access to best-in-class investment products, rather than on manufacturing proprietary asset management solutions.

Citibanamex CEO Ernesto Torres Cantu said: “BlackRock and Citibanamex are enhancing their longstanding institutional relationship and will offer, through a distribution agreement, BlackRock investment products to Citibanamex’s 21 million banking clients in its network of 1,500 branches in Mexico.

“Citibanamex clients can invest as little as 1,000 pesos (approximately $50 dollars) in products backed by BlackRock’s world-class investment and risk management platform.”