PARIS: BlackRock, the world's largest asset manager, has obtained regulatory approval to setup a new alternative investment firm in France, in another signof Paris' increasing post-Brexit appeal for financial firms.
BlackRock said on Thursday that its plans for the newFrance-based firm formed part of an overall strategy to increaseits 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 ithas 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.