BlackRock is due to make landfall in NZ by the end of this year with a new Auckland office slated for the global investment mega-manager.
It is understood the firm could ultimately employ up to 10 staff in an Auckland base to service a growing investment clientele this side of the Tasman.
However, BlackRock does not intend to use the to-be-finalised office as a launchpad into the NZ direct retail market or to engineer NZX-listed exchange-traded funds (ETFs), according to a spokesperson for the group.
The manager already wields considerable influence among Kiwi retail and wholesale clients that invest directly into its iShares ETF suite listed offshore or via intermediated versions offered under the NZX Smartshares banner.
As well as two cornerstone institutional clients – ASB and AMP – BlackRock is also on track to create a climate fund targeting green energy opportunities in NZ by year-end, all of which likely require boots-on-the-ground support.
Last month the Australian arm of the business signed a ‘memorandum of understanding’ to provide certain back-office services with ANZ Investments, the biggest NZ retail funds manager, that would further increase the local workload if it goes ahead.
BlackRock reserved a local company name and registered its Australian entity in NZ late in August. The BlackRock Australia board includes senior executives Andrew Landman, Jason Collins, Michael McCorry – chief, deputy head and CIO, respectively, for Australasia – as well as independent director, Iris Davila.
The mooted BlackRock NZ climate fund, flagged in a government announcement in August, is expected to tap local investors for up to $2 billion to invest into green energy companies in the country.
Last year the BlackRock Real Assets fund bought the NZ solar panel financing and installation business, SolarZero, marking the third Australasian acquisition after electric vehicle charging network, Jolt, and renewables specialist, Acacia Energy – the latter two both founded in Australia.
The roughly US$10 trillion BlackRock is the largest global asset manager. In Australia, the company boasts almost 170 staff across its various divisions including investment, the Aladdin risk management platform, iShares and corporate services.