- BlackRock, Inc. (NYSE:BLK) is planning a significant expansion in Singapore, following in the footsteps of other international firms hoping to capitalize on capital flows into Southeast Asia, reported Bloomberg.
- According to people familiar with the matter, BLK is in talks to double its floor space at an office building in the city-state's central business district.
- According to people familiar with the matter, BlackRock expects to add dozens of employees through local hiring and some relocations from Hong Kong. The plans are still in the early stages.
- According to the people, as part of the growth, roughly 30 employees will relocate from another office in Singapore, and at least ten employees will relocate from Hong Kong, including a small number from the stocks and ETF businesses.
- "Asia Pacific is one of BlackRock's key growth engines, offering many transformational opportunities. We are expanding our footprint to match our ambitions and will continue to increase resources, particularly in Southeast Asia and Greater China to capture growth areas including exchange-traded funds & indexing, alternatives, and sustainable investing," reported Bloomberg, citing an emailed statement from Blackrock.
- Price Action: BLK shares closed lower by 0.74% at $609.28 on Wednesday.
