The prospect of Donald Trump returning to the White House by 2024 is a “fundamental challenge” for Europe, warned the head of the largest investment firm in the world on Tuesday.

The Daily Telegraph reported that BlackRock Vice Chairman Philipp Hildebrand warned from the World Economic Forum in Davos.

He added his voice to a growing chorus of Europeans who fear a Trump comeback on the global stage.

The veteran Swiss banker stated that the reelection of former U.S. President Trump “would challenge Europe fundamentally”, given Trump’s determination in embracing America First on matters ranging from trade, diplomacy, NATO financing, and climate policies.

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Hildebrand was a member the Global Executive Committee of the firm. He was responding to comments made by Christine Lagarde (head of the European Central Bank) who stated that Trump posed a clear threat to Europe due to his divergent views which set him apart.

Lagarde warned last week that Trump’s “manner in which he conducted the first four of his mandate…is clearly a danger.”

Hildebrand, for his part, urged Europe not to miss the chance to become a technological power that is less dependent on America. He said that Europe’s defence capabilities were “just lacking” and needed a rethink. Hildebrand stated:

I see this as an opportunity to build Europe.

If [Trump’s] election were to cause a rupture, as President Lagarde sees it, that would be a fundamental challenge for Europe.

Hildebrand oversees more than $9 trillion in assets at Blackrock, the largest money manager on the planet.

Breitbart News reported that he spoke just hours after Trump’s astonishing victory in the Iowa Republican Presidential caucuses.