French protestors invaded the Paris BlackRock office.
BlackRock suffers the damage of being the largest asset manager.
BlackRock, the global investment firm’s France office, was invaded by the French protestors. Recent internal conflicts in France are intensifying in Paris. This is because dissatisfaction with the government’s new decision among the workers is leading to new riots even after 11 days.
Emmanuel Macron, the president’s announcement of the increase in the pension age from 62 to 64 years, is the major reason for the strike. Citizens are not happy with this because the pension funds in the nation are handled by private companies.
One of the protesters states:
“The government wants to throw away pensions, it wants to force people to fund their own retirement with private pension funds, but what we know is that only the rich will be able to benefit from such a setup.”
Why Attack BlackRock?
Though the global asset manager doesn’t have any direct contact with this decision of the French government, the final management of the pension fund will be in the hands of BlackRock. As per CompaniesMarketCap data, they are the largest asset manager in the world with $7.4 billion in assets.
So, on Thursday, hundreds of protestors surrounded the Centorial building near Paris‘ Grand Boulevards area. They carried smoke bombs, flares, and chanted slogans to exhibit the protest.
The government has promised to employ 11,500 additional law enforcement officers to bring the situation under control.