Two groups explore strategic partnership as world’s largest asset manager seeks to expand in fast-growing alternatives
BlackRock is in early-stage discussions with Millennium Management about a strategic partnership that could see the world’s largest asset manager take an equity stake in one of the most profitable hedge fund managers, according to people familiar with the situation.
BlackRock has also held preliminary conversations with a much wider range of potential partners that have yet to bear fruit. It uses a variety of dealmaking structures, from buying outright to joint ventures and taking minority stakes and doing investment partnerships. The $11.5tn money manager has $450bn in alternative assets under management, now that the GIP deal has closed.
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