Blackrock, a wealth management company, is poised to maintain its largest European regional operations headquarters in the United Kingdom even after the exit of Britain from the European Union. It is set to move “only very few” jobs to its other offices on the continent.
Being the largest asset management company in the world, it currently manages its operations for the Europe, Middle East and African (EMEA) region from its offices in the United Kingdom. Its UK office has approximately 3,000 employees and manages about $6.3 trillion (£4.85 trillion) globally.
The company disclosed that it had received the approval for its Dutch office to take on an expanded role as the main legal entity for European client business, while its office in Paris will become a hub for some investments such as real estate.
Budapest will be the largest EU office of the company with 450 employees after Brexit, while the United Kingdom will house three times as many employees as compared to its offices in all of the other 27 EU member countries combined.
A memo that seen by Reuters and confirmed by Blackrock, stated: “We have been preparing for the operational, legal and strategic impacts of Brexit for several years, and at this stage, we can tell you that only very few roles will be affected by our decision to extend the regulatory permissions for existing entities in continental Europe.”
A source who is familiar with the matter informed Reuters that the Netherlands office will take on only 10 to 20 new hires as a result of Brexit, while the Paris office will be doubling its numbers to reach around 80 employees who will be hired locally.
In a statement, Blackrock disclosed: “As there is still much political and regulatory uncertainty, we continue to monitor all developments very closely and will review our course of action subject to future developments between the EU and the UK.”