Asset manager to centralise operations

One of the world’s largest asset managers Blackrock Inc is to open a new Dublin office to house its 28 Irish-based employees.

Blackrock has been operating in Ireland for several years and the new office will centralise its Irish operations into a single office at Grand Mill Quay.

James Charrington, chairman for Blackrock’s European, Middle East, and Africa business, said the Dublin office would manage funds domiciled in Ireland and liaise with local clients.

“This office opening represents our commitment to serve Blackrock’s growing client base in Ireland better.

“Our team in Dublin will be able to leverage Blackrock’s global expertise and breadth of product offerings to best serve clients and their advisers locally,” he said.

Blackrock launched its first Irish fund in 1995. Between then and 2010 it had one employee in Ireland. In 2011 that rose to four and in the past year a further 24 people have joined the firm.

Blackrock’s client business in Ireland stands at over €5bn. This includes about €2.7bn on behalf of Irish pension scheme and retail clients and about €2.5bn on behalf of Irish financial institutions.

The Central Bank recently re-engaged Blackrock Solutions to assist in the completion of its 2012 Prudential Capital Assessment Review.

Blackrock also has over 260 funds and €162bn of assets domiciled in Ireland which includes over 130 iShares funds, a wide range of institutional pooled vehicles, and Europe’s largest range of Irish-domiciled Money Market funds.

Blackrock employs about 10,100 people in 27 countries and maintains a major presence in key global markets, including those in North and South America, Europe, Asia, Australia, the Middle East, and Africa.