BlackRock is considering setting up its London headquarters in HSBC’s Canary Wharf skyscraper.
Alongside looking at Canary Wharf, the world’s largest asset manager has also examined several other potential sites in recent months, including the Bishops Square development next to Spitalfields Market in east London and Deutsche Bank’s former offices at 75 London Wall, according to a report in the Financial Times.
HSBC is expected to vacate 8 Canada Square, a 45-storey tower, in 2027, reportedly moving its headquarters to a smaller building near St Paul’s Cathedral.
The news comes as BlackRock posted a “historic” last quarter, with assets rising to $14tn (£10.5tn), supported by strong inflows across the business, including its alternatives platform.
BlackRock has also signalled plans to expand its presence in private markets in the coming years, with chief executive Larry Fink highlighting private credit and infrastructure as key focus areas in his annual letter.
Fink outlined BlackRock’s anticipated growth in private markets, including a fundraising target of a cumulative $400bn by 2030.
Read more: BlackRock boss Larry Fink paid $37.7m after “historic” last quarter
BlackRock’s proposed move comes as Apollo Global Management is also scouting for a second US headquarters, considering Texas and Florida, the Financial Times first reported. The report also named Nashville as a potential option.
Apollo’s search follows a broader trend of financial managers moving from New York City to locations in the Sun Belt, such as Texas and Florida, attracted by lower taxes, access to talent and a more favourable regulatory environment.
Companies that have made the move to the Sun Belt include Fidelity Investments and Vanguard.
Read more: BlackRock seals $12bn deal for HPS Investment Partners
