Blackrock’s European regional headquarters to stay in the UK after Brexit

Wealth management firm Blackrock is poised to keep its largest European regional operations headquarters in the UK after its exit from the European Union, moving "only very few" jobs to other offices on the continent.

The world's largest asset management firm currently manages operations for the Europe, Middle East and African (EMEA) region from its UK offices, which employ around 3,000 staff and manage roughly $6.3 trillion (£4.85 trillion) globally.

The firm said it had received approval for its Dutch office to take on an expanded role as the main legal entity for European client business, while its Paris office will become a hub for investments such as real estate.

Budapest will be the company's largest EU office with 450 staff after Brexit, while the UK will house three times as many staff as its offices in all other 27 EU member countries combined.

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A memo, seen by Reuters and confirmed by Blackrock, said:

"We have been preparing for the operational, legal and strategic impacts of Brexit for several years, and at this stage, we can tell you that only very few roles will be affected by our decision to extend the regulatory permissions for existing entities in continental Europe."

A person familiar with the matter told Reuters the Netherlands office will take on just 10 to 20 new hires as a result of Brexit, while the Paris office will double to reach around 80 staff, hired locally.

Blackrock said in a statement: "As there is still much political and regulatory uncertainty, we continue to monitor all developments very closely and will review our course of action subject to future developments between the EU and the UK."