LURED by opportunities in emerging Asia, alternative asset management giant Blackstone officially opened its Singapore office yesterday, joining rival KKR & Co in adding staff here to grow its business.

Blackstone's Singapore office will employ 35 staff across the firm's private equity, real estate and tactical opportunities segments. The firm has also set up a regional treasury centre in Singapore, where it will move some of its support functions.

Stephen Schwarzman, Blackstone chairman, CEO and co-founder, said the Singapore office will complement the other offices in Asia: Hong Kong, Beijing, Mumbai, Seoul, Shanghai, Tokyo and Sydney.