World's largest asset manager BlackRock Inc. plans to expand its operations in India by hiring nearly 1,200 employees to grow its two support hubs and build out its artificial intelligence (AI) capabilities. The hiring will focus on its iHubs in Mumbai and Gurugram, while the firm will also gain a presence in Bangalore through its proposed acquisition of data firm Preqin, Bloomberg reported, citing sources.
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Focus on AI and Data Analytics Talent
This expansion will increase BlackRock's workforce in India by about a third, complementing its existing 3,500 employees in Mumbai and Gurugram. The firm plans to recruit engineers and data specialists as it enhances its AI capabilities.
"BlackRock wants to build out its artificial intelligence team, and will hire engineers and data experts when the plans firm up," the sources said, according to the report.
India has become a key hub for global capability centers (GCCs), with a projected market size of USD 110 billion by 2030, employing over 4.5 million people, according to a report from Ernst and Young. Financial firms, including JPMorgan, HSBC, and Goldman Sachs, have invested significantly in their Indian Hubs.
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BlackRock's Investment in Innovation and AI
BlackRock's iHubs work on value-added products and services ranging from investment research to risk management, financial engineering, business operations and data analytics, the sources reportedly said, adding, "Several of these areas incorporate and leverage artificial intelligence."
To support its growth, BlackRock has leased office space in Mumbai's Goregaon area in a deal worth approximately USD 45.9 million, the report added.
