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Translated by: MOS Gospel Team – Lilian H
Miles Guo said on 5 June 2022 that US asset management firm BlackRock and financial firm BlackStone each had more than 30-40% of their assets tied to the Chinese Communist Party (CCP). The Lee family rules Singapore and has close ties to the CCP, with no regard for the lives of the people. Could the CCP be behind BlackRock’s larger expansion in Singapore this time?
It was reported on 23 June, that BlackRock follows other international companies that are pouring capital into Southeast Asia and are preparing for a major expansion in Singapore.
According to people familiar with the matter, the world’s largest asset manager is discussing doubling the size of its office building in Singapore’s Central Business District (CBD). It is expected to hire dozens of staff locally, as well as bring in some staff from Hong Kong, including a few from its equities and Exchange Traded Funds (ETFs) businesses. However, the matter is currently confidential.
“Asia-Pacific is one of BlackRock’s key growth engines, offering many transformational opportunities,” the company said in a statement. “The firm will continue to increase its resources, particularly in Southeast Asia and China, to capture growth areas including exchange-traded funds & indexing, alternatives, and sustainable investing.”
BlackRock, which manages nearly US$10 trillion in assets globally, has strengthened its position in Singapore with a senior appointment.
Peter Loehnert moved from London to Singapore last year to head up ETFs and index investing in Asia Pacific. Belinda Boa, Head of Asia Pacific Active Investments, will be relocating from Hong Kong to Singapore for family reasons.
Proofread/Edited by: AlexZ
Posted by: AlexZ
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