Bancolombia and BlackRock Create New High-Conviction Investment Fund

Bancolombia has announced the creation of a new high-conviction investment fund in collaboration with New York-based investment management company BlackRock. The new fund targets high-risk investors looking to generate returns over the long term through greater exposure to global stock markets, according to the bank.

“We are looking to offer an innovative solution that meets the needs of the Colombian market in selecting investment opportunities,” said Juan Pablo Camacho, vice president of asset management of Grupo Bancolombia. “To this end, specialized models are used in conjunction with the experience, capability, and reliability that the organization offers in the management in investment portfolios.”

Diego Mora, CEO of BlackRock in Colombia, explained how the two firms joined together to launch the new fund. “We analyzed which investment strategy would best complement the product offerings that customers already had at their disposal and that were aligned with the strengths that both companies could bring to the table,” said Mora. “That was how we got to this strategy that will provide an alternative for diversification and growth of unique capital in the Colombian market.”

The new fund comes during a time of transition for Colombia’s largest bank. In April, long-time CEO Carlos Raúl Yepes Jimenez stepped down from Bancolombia after more than five years at the helm, citing family reasons. During his tenure, the bank expanded further internationally, including a major acquisition in Guatemala, and doubled its assets from $35 billion USD to $70 billion, according to Raúl.

Now, Juan Carlos Mora Uribe, the company’s former vice president of innovation and digital transformation, has taken over a financial institution that each year, according to Raúl, handles 1.8 billion transactions — or 42% of all the financial transactions in the country. The bank has more than 30,000 customers and 1,000 branches in Colombia alone.

“Carlos Raúl put the soul into Grupo Bancolombia,” said David Bojanini, chairman of the board for the bank, after the announcement. “His work has been successful as evidenced by the results of the company. After five years as its president, there are undeniable advances for Bancolombia in terms of growth, efficiency, innovation, and sustainability.”

(Photo: Bancolombia headquarters in Medellín, Colombia. Credit: Juan Camilo Trujillo)