2nd April 2012
IDA Ireland today welcomed the decision by BlackRock Inc, (NYSE: BLK) the world’s largest asset manager, to open a new office in Ireland, housing over 25 employees.
BlackRock, which manages $3.5 trillion in assets and employs 10,100 people, is opening the office to serve its growing client base in Ireland. This client base is valued by BlackRock at over $5bn. BlackRock serves Irish retail clients, Irish financial institutions and Irish pension schemes.
BlackRock is a worldwide investment manager, headquartered in New York, and its new Dublin office will be in Grand Mill Quay, Dublin.
IDA Ireland is targeting international financial services and investment management as key growth industries for Ireland.
IDA Ireland aims to use BlackRock as a key reference client in these endeavours.
BlackRock also recently been re-engaged to assist in the Prudential Capital Assessment Review `stress tests’ of Ireland’s financial institutions.
Welcoming the announcement, the Minister for Jobs, Enterprise and Innovation Richard Bruton said:
“Financial services forms a major part of this Government’s plan for jobs and growth. Today’s announcement that BlackRock, a world leading company in the sector, has decided to establish an office and create jobs in Ireland, is another sign we are making progress in this sector. The Finance Bill will shortly implement significant measures to attract more international financial services jobs to Ireland, and this Government is determined that, by implementing the Action Plan for Jobs, this sector can play a major part in bringing jobs and recovery to Ireland”.
Commenting on the announcement, Barry O’Leary, CEO, IDA Ireland said: “Financial services has been identified as a key growth area for Ireland’s economy. In that context, to see a world leading financial services company like BlackRock setting up an office in Dublin is extremely welcome and it should further enhance Ireland’s profile as a global investment hub”.