World News

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

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

BlackRock and Franklin Templeton did not immediately reply to requests for comment. Principal Financial and 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 and Jonathan Oatis)