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BlackRock expands in Paris with new hires ahead of Brexit, source says

Reuters  |  PARIS 

(Reuters) - has increased its staff in and is seeking to set up an alternative investment management business there, a source close to the company said on Monday, in another sign of the French capital's increasing post-Brexit appeal.

will provide services for clients in other countries in from the office, where it has recently hired senior executives, the source said, partly confirming an earlier report published by

The move comes less than nine months before Britain's departure from the in March 2019.

"The expansion is part of a strategy to grow in and to move closer to customers and is not related to Brexit," the source said, without saying how many positions would be created.

The world's largest is also expanding in Germany, and Italy, she added.

A charm offensive led by - including easing labour rules and tax cuts - might be starting to pay off, with several financial institutions making plans to beef up their Paris operations.

is looking to move more jobs than originally envisaged to its new Paris office, one of the biggest such shifts from ahead of Brexit, sources told last month.

A survey in March showed Paris had recently overtaken as the top location for such moves.

will drive its expansion in France, and from its beefed-up office in central Paris. The company has applied to the local regulator to get a licence to set up the new investment management business.

said on Monday BlackRock had chosen Paris over to locate this new business.

Unlike other banks and financial companies, the has decided not to relocate staff to Paris from But its European expansion will take place by expanding in locations outside Britain.

The company had unveiled three top hires in the Paris office last month including Henri Chabadel, a new chief investment officer, and two regional heads of product lines.

(Reporting by Inti Landauro; editing by and Adrian Croft)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 09 2018. 23:38 IST