Blackstone, the world's largest alternative asset manager, has opened its first office in Singapore.
The firm, which is listed in New York and has US$248 billion (S$307 billion) in assets under management, will occupy a space on the 13th floor of Marina Bay Financial Centre Tower 2.
It has 35 staff in Singapore employed across its business groups, including private equity, real estate and tactical opportunities.
Speaking at the official opening of the office on Monday evening, Blackstone co-founder and chief executive officer Stephen Schwarzman said the company's relationship with Singapore has remained important to its business for a long time, due to shared ideals such as meritocracy and intellectual integrity.
"These cultural similarities have made possible the longevity of our partnership built on mutual respect and trust, as our approach to asset management and Singapore's vision for its economy coincide in many ways: we're careful, we're prudent but we put a high premium on performance and innovation."
Singapore's Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam, speaking at the same ceremony, echoed Mr Schwarzman's sentiments, saying that what is most important to Singapore is never being stale or repetitive, and always being open to new ideas.