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BlackRock gets regulatory approval to set up new firm in France

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BlackRock gets regulatory approval to set up new firm in France
FILE PHOTO: A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File Photo   -   Copyright  Lucas Jackson(Reuters)
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PARIS (Reuters) – BlackRock <BLK.N>, the world’s largest asset manager, has obtained regulatory approval to set up a new alternative investment firm in France, in another sign of Paris’ increasing post-Brexit appeal for financial firms.

BlackRock said on Thursday that its plans for the new France-based firm formed part of an overall strategy to increase its presence in the country, and more generally in Europe.

BlackRock will provide services for clients in other countries in continental Europe from the Paris office, where it has recently hired senior executives.

French President Emmanuel Macron, who is looking to strengthen the country’s economy via reforms such as tax cuts and less stringent labour rules, is keen to win business away from Britain following Brexit, although London and New York remain the world’s dominant financial centres.

(Reporting by Inti Landauro and Sudip Kar-Gupta; Editing by Kirsten Donovan)

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