Global Asset Manager Strengthens Southeast Asia Presence
BlackRock Inc., the world’s largest asset manager, is planning a major expansion in Singapore, capitalising on its strategic location as a gateway to Southeast Asia. According to sources familiar with the matter, the firm is in discussions to double its office space in the central business district (CBD) and add dozens of employees through local recruitment and relocations.
Currently occupying three floors at 20 Anson Road, BlackRock aims to secure an additional three floors to accommodate its growing team. This includes relocating around 30 employees from another Singapore office and approximately 10 staff members from Hong Kong, some from the equities and exchange-traded fund (ETF) business.
“Asia-Pacific is one of BlackRock’s key growth engines, offering many transformational opportunities,” the firm stated, highlighting its focus on expanding in Southeast Asia and Greater China. Key growth areas include ETFs, indexing, alternatives, and sustainable investing.
The Singapore office has seen an infusion of senior leadership, with Peter Loehnert, head of ETF & index investing for Asia-Pacific, moving from London last year. Additionally, Belinda Boa, head of active investments for Asia-Pacific, is relocating from Hong Kong, partly for personal reasons.
Singapore’s appeal as a financial hub has grown amid global geopolitical shifts, including regulatory crackdowns in China and Hong Kong’s national security law. Low taxes, political stability, and a robust financial infrastructure make the city-state an attractive base. Firms such as Ray Dalio’s family office and China’s Han Kun Law Offices are also exploring or expanding operations in Singapore.
While Singapore continues to attract global talent, challenges such as stricter visa requirements and hiring limitations have slowed the influx of finance professionals from Hong Kong. Despite these hurdles, BlackRock’s expansion underscores the firm’s confidence in Singapore’s role as a pivotal hub for Southeast Asia’s burgeoning capital markets.
