BlackRock Considers Increasing Mexico Headcount to Deepen Its Presence

BlackRock Inc. BLK mulls over a major expansion move in Mexico that could increase the workforce in the nation to 400. This was first reported by people familiar with the matter to Bloomberg.BLK’s Rationale Behind This MoveMexico offers lucrative investment opportunities in infrastructure projects, Sergio Mendez, BlackRock’s top executive in Mexico stated during a panel discussion last week. Further, the head of Mexico’s debt office informed in an annual gathering of the country’s pension funds that the government seeks to finance its projects with different types of securities.BlackRock aims to strengthen its presence in the country to capitalize on this opportunity and earn solid returns. Presently, the asset manager has roughly 250 employees in the country.This move aligns with BLK’s initiative to boost its presence domestically and globally. Earlier this week, the company received a commercial license to conduct operations in Abu Dhabi expanding its regional presence. Last month, the company obtained approval from Saudi Arabia to establish regional headquarters in Riyadh. Further, BlackRock and India-based Jio Financial have received in-principle approval to act as co-sponsors and establish a mutual fund business in India.BlackRock’s Zacks Rank & Price PerformanceYear to date, shares of BlackRock have gained 26.2% compared with the industry’s 38.5% growth. Image Source: Zacks Investment Research Currently, BLK sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Expansion Initiatives by Other Finance FirmsEarlier this week, State Street Corp.’s STT asset management arm, State Street Global Advisors joined forces with Bridgewater Associates LP to boost its core alternative investment strategies.Alternatives continue to be a lucrative investment option for investors to enjoy greater diversification and attractive returns. Hence, the partnership aligns with STT’s growth strategy to strengthen its fee income.Similarly, UBS Group AG UBS is seeking a wider banking license to operate in the United States to simplify its ability to offer loans and accept deposits in the country.UBS views the United States as a crucial market for its growth strategy. According to a Bloomberg report, the bank is considering an application for broader operational permissions under the Office of the Comptroller of the Currency.Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BlackRock, Inc. (BLK): Free Stock Analysis Report UBS Group AG (UBS): Free Stock Analysis Report State Street Corporation (STT): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks