Blackrock Switzerland is opening a branch in a prime Geneva location, a clear statement from the world's largest asset manager on its expansion plans in the alpine nation.
Rue du Rhone is to Geneva what Bahnhofstrasse is to Zurich: luxury real estate with some of the highest rental prices in the world, attracting some of the most exclusive and powerful global brands.
Blackrock already has an office on Bahnhofstrasse, Zurich's exclusive shopping and banking mile. The New York-based firm now plans to open an office on Rue du Rhone 6 in Geneva at the end of this month as well, according to an invitation.
Further Jobs
Blackrock has already been active in Geneva for several years, but the asset manager's staff in the city has grown substantially in the last year, according to a source familiar with Blackrock's operation. The company currently employs ten people in Geneva.
Blackrock is planning to create more jobs, the person familiar said. Christian Staub, head of Blackrock in Switzerland, has decided to leave a service building in Geneva for a far more prominent address.
Blackrock, where former Swiss central bank head Philipp Hildebrand is a vice-president, doesn't do things by half – as illustrated by the asset manager's relocation in Zurich three years ago.
Big Swiss Ambitions
Blackrock moved into several floors at Bahnhofstrasse 39 (pictured below).
The move was interpreted as a sign of Blackrock's ambitions for Switzerland. The asset manager's index unit iShares commands roughly 60 percent market share of the exchange-traded fund market in Switzerland.
Blackrock is also a prominent advocate for the funds industry, for example through lobby group SFAMA.
Targeting Private Banks
iShares in Geneva is led by Reda Zebdi, the asset manager also has specialists in Geneva for institutional clients under the leadership of Sebastien Genoud and distribution for retail products to banks, led by Alan Ghitis.
Alternative investment expert Nicolas Nussbaum (pictured below) is head of Blackrock's Geneva office.
Blackrock is understood to be targeting Genevan wealth managers in particular – an obvious strategy given the numerous private banks in the city.
With the new upscale location on Rue du Rhone, the asset manager doesn't need to hide from this exclusive segment of clients.
