BlackRock is set to further expand its presence in Singapore in a bid to tap the growing capital flows into Southeast Asia, reported Bloomberg News.

The US-based asset manager is carrying out talks to increase its floorspace at an office block in Singapore’s central business district by double, people with knowledge of the development divulged to the news agency.

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BlackRock currently has three floors at 20 Anson Road and is planning to add three more, they said.

According to one of the sources, BlackRock plans to relocate some of its Hong Kong staff to the city-state and hire local resources to support its expansion plans.

About 30 employees are expected to be moved from another Singapore location while a minimum of 10 employees could be relocated from Hong Kong.

Hong Kong staff who are anticipated to join the Singapore office includes a small number from the firm’s equities and ETF business.

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The sources added that the plans are still at an initial stage.

BlackRock said in an emailed statement to the news agency: “Asia Pacific is one of BlackRock’s key growth engines, offering many transformational opportunities.

“We are expanding our footprint to match our ambitions, and will continue to increase resources particularly in Southeast Asia and Greater China to capture growth areas including exchange-traded funds & indexing, alternatives, and sustainable investing.”

Besides BlackRock, a number of other global financial firms have been expanding their presence in Singapore, which is considered to be the gateway to South East Asia.

This May, a report by Bloomberg said that Horizons Ventures, the family office of the Hong Kong billionaire Li Ka-shing, is setting up an office in Singapore in a bid to find new deals and expand support for portfolio companies eyeing expansion in Asia.