Global asset manager Blackstone is intent on expanding its business in Asia. With over US$248 billion assets under management, the firm opened its first Singapore office on Monday at Marina Bay Financial Centre.
Citing Singapore as a “critical hub” for the firm and all of its business in Asia and globally,
Blackstone wants to pursue other opportunities across its Asian offices in Hong Kong, Beijing and Seoul, as well as in Mumbai, Shanghai, Tokyo and Sydney.
Blackstone has also established its first regional treasury centre in Singapore outside of New York.
The company currently has 26 staff in Singapore working across the firm’s business groups, including private equity and real estate.
Blackstone’s private equity business has US$2.6 billion deployed in 23 investments in Asia.
Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam who was present at the opening ceremony noted that Blackstone’s entry into Singapore is most timely.
Mr Tharman said: “Asia is growing. It stumbles from time to time and those stumbles are extremely useful because they refocus minds. But it’s a part of the world that’s growing. It’s not pre-ordained, but it’s got enough energy, it’s got enough wilfulness and reforms and it’s got a future that it’s to lose, so Asia is one area of the world in a difficult global environment where opportunities are still being created and they’re multiplying year after year.
“And you’re coming here as an outstanding private equity firm, you’re setting up a hub in Singapore for private equity and real estate and also deciding to set up your first treasury firm in Singapore, outside of New York, is not just about the activity of doing but it signifies something more broadly about opportunities in Asia.”