BlackRock will not relocate its EMEA headquarters from the UK
The largest asset management firm in the world, BlackRock, has announced that its Europe, Middle East, and Africa (EMEA) headquarters will remain located in the UK.
The US company’s European operations will continue to be run from the UK following Brexit, according to Reuters, which claims to have seen a staff memo.
BlackRock will be moving “very few” roles to offices in the Netherlands and France, the memo explained, as part of expansion plans.
The Netherlands and France are key nations in the asset manager’s structure changes – the Dutch office will become a main legal entity for EU clients whilst the office in France will become an ‘alternative’ investment hub.
The firm employs approximately 3,000 members of staff in the UK, three times as many as the combined remaining 27 countries in the European Union (EU).
“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,” the memo read, Reuters reported.
Subsequent to the UK’s departure from the EU, BlackRock’s largest office in the union will be in Budapest where it employs 450 people.
The Hungary office focuses its work on technology and back-office functions.
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