The New York-listed firm will occupy a space on the 13th floor of Marina Bay Financial Centre Tower 2. Blackstone has also established a regional treasury centre in Singapore, where the firm is moving some of its support functions.
The asset manager said it sees Singapore as a critical hub for its regional and global businesses, while it also offers a “world-class financial infrastructure” and focus on disciplined growth and practical incentives for foreign organizations to invest in the country in a favourable environment.
“With the help of this new regional hub, we are in an exceptional position to continue to grow, perform, invest, and deliver on our commitments for the future,” Stephen Schwarzman, chairman, chief executive and co-founder said.
Singapore’s deputy prime minister and finance minister Tharman Shanmugaratnam was also present at the opening ceremony.
Blackstone established its first Asia office in 2006 and it said Singapore will complement offices in Hong Kong, Beijing, Mumbai, Seoul, Shanghai, Tokyo, and Sydney.
Gautam Banerjee who was previously executive chairman of PricewaterhouseCoopers in Singapore has been appointed chairman of Blackstone Singapore, a senior adviser to Blackstone, and a member of Blackstone’s International Advisory Board.
The firm employs over 200 staff in Asia and said it has already invested over $5bn in the region across its various businesses such as private equity, real estate business and on behalf of its limited partners in Asia.
Blackstone currently has 26 staff working in Singapore across various business groups, including private equity, real estate, tactical opportunities, GSO credit platform, and the Park Hill Real Estate Group. One of Blackstone’s four real estate partners in Asia has relocated from Japan to Singapore.
Globally, Blackstone manages $230bn in assets under management across 25 offices and 1,900 employees.