BlackRock plans major expansion here with more office space, staff

BlackRock is poised for a major expansion in Singapore as it follows other international companies looking to tap capital flows into South-east Asia.

The world's largest asset manager is in discussions to double its floor space at an office block in the city state's Central Business District, according to sources.

The US company is expecting to add dozens of staff from local hiring and some relocations from Hong Kong, said one of the sources. Plans are still at an early stage, the sources said.

BlackRock's move adds to a trend of global companies considering building up a presence in the country, which is seen as a gateway to South-east Asia. Singapore is benefiting from capital flowing in amid global geopolitical tensions and a regulatory crackdown in China.

BlackRock - with almost US$10 trillion (S$13.9 trillion) under management globally - has three floors at 20 Anson Road and is planning to add three more, the sources said. As part of the expansion, about 30 staff will move from another office in Singapore and at least 10 are expected to relocate from Hong Kong, including a small number from the equities and exchange-traded fund (ETF) business.

"Asia-Pacific is one of BlackRock's key growth engines, offering many transformational opportunities," the company said in a statement. "We are expanding our footprint to match our ambitions and will continue to increase resources, particularly in South-east Asia and Greater China, to capture growth areas including exchange-traded funds and indexing, alternatives and sustainable investing."

Its Singapore office is already being boosted with senior appointments. Mr Peter Loehnert moved to the region from London last year, as head of ETF and index investing for Asia-Pacific. Ms Belinda Boa, head of active investments for Asia-Pacific, is relocating from Hong Kong for family reasons, one of the sources said.

Singapore's growing status as a hub, underpinned by a handful of financial companies that have started to move staff to the city, stands in contrast with Hong Kong, where a national security law and Covid-19 curbs have prompted companies and people to leave.

Singapore is seen as an attractive base because of its low taxes, political stability as well as developed financial and legal systems. Han Kun Law Offices, a top Chinese law firm, is weighing expansion in the city state. Billionaire Li Ka Shing's Horizons Ventures is opening an office to find new deals.

Still, stricter visa requirements, hiring restrictions and other bureaucratic roadblocks mean the influx of finance professionals into Singapore from Hong Kong in recent months has been more of a trickle than a flood.

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