Budapest to become BlackRock's largest EU office after Brexit

October 24, 2018, 11:01 am  english version Hungarian version  
BlackRock, the world’s largest asset manager, will keep its biggest European operation and regional headquarters in Britain after Brexit, moving "only very few" roles to expanded offices in the Netherlands and France, a memo to staff seen by Reuters showed on Wednesday.

The commitment by the U.S. firm, which employs around 3,000 staff in Britain and manages around USD 6.3 trillion worldwide, means it will still have three times as many staff in Britain as in all of the remaining 27 European Union countries combined, Reuters reported.

After Brexit, Budapest will become the company’s biggest European Union office, with around 450 staff mainly focusing on technology and back-office functions.

26/01/2017 3:33pm
World´s largest asset manager enters Hungary

BlackRock confirmed the contents of the memo.

Total moves out of Britain over the next couple of years would be minimal, a source familiar with the matter said, with the Netherlands office adding 10 to 20 people through moves and local hires, mostly in risk and legal.

The Paris office, which currently houses 40 staff, mostly in sales, would double to around 80 people over that time, but most of those staff would be hired locally, he added.

Front page photo by Shutterstock

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