BlackRock to Establish Innovation Center in Budapest Adding 500 New Jobs

Publicated on: February 13, 2017

US company and world’s largest fund manager BlackRock announced plans to establish an innovation center in Budapest that will create and additional 500 high-added-value new jobs.

Speaking at a press conference in Budapest, Minister of Foreign Affairs and Trade Péter Szijjártó announced the decision from US investment company Blackrock to expand its presence in Hungary. “BlackRock is bringing its financial and business processes, technologies and products, as well as the development of new management methods and its creative marketing function to Budapest,” said Szijjártó. The Minister added that “the fund management company manages over 5 trillion dollars, which is 42-43 times Hungary’s GDP; only the United States and China have larger economies.”

Senior Managing Director of BlackRock Patrick Olson told reporters that the company decided on Budapest because of the education system, the level of infrastructure, the secure environment and the quality of life, as well as the $954,000 in funding pledges by the Hungarian government towards the recruitment and training of new staff.

Melanie Seymour, the director of BlackRock Budapest, said that hiring would start in the first quarter of this year. The company will recruit from Hungary’s largest universities, and hopes to draw some Hungarians working in the UK back to Budapest, Ms. Seymour added.

BlackRock manages more than 5 trillion dollars. Founded in 1988, the New York-based company has approximately 13,000 employees in 30 countries around the world, of whom nearly 4,000 work in the firm’s Europe, Middle East, and Africa (EMEA) region.

(MTI/Ministry of Foreign Affairs and Trade)