BlackRock (BLK) is meeting with pension funds in Brazil to expand in the country, Bloomberg reported Thursday.

"Today, we don't have a mandate to manage money from pension funds locally in Brazil," Bruno Barino, BlackRock's country manager for Brazil, said in an interview with Bloomberg. "But it's a natural evolution; there is no way to be in this market and not do it."

Barino said he may hire fund managers in Brazil to help serve the pension funds. He also said Brazil is one of the few major markets in which BlackRock does not have a presence.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)