BlackRock is planning to commence an event-driven hedge fund in a bid to expand its alternative-investment business.
The company has recruited Mark McKenna as head a new team designed to work on global events including corporate takeovers, divestitures, and management changes.
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Reporting to Carl Eifler in hedge-fund strategies, McKenna is expected to launch a new fund in 2014, reported Bloomberg.
BlackRock Alternative Investors global co-heads Andy Stewart, Matt Botein and Eifler were quoted by news agency as saying, "There are still many more opportunities for BlackRock in the hedge fund space, including access to uncorrelated alpha strategies like event-driven equity.
"Mark’s addition to BAI continues to demonstrate BlackRock’s commitment to growing and investing in our platform."
The company’s alternative investments business accounted for about US$115 billion, less than 3%, of its US$4.4 trillion in assets at the end of 31 March.
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By GlobalDataBlackRock has been expanding its alternatives business through acquisitions, including acquisition of Merrill Lynch & Co.’s investment unit in 2006 and a hedge fund-of-funds business from Quellos Group in 2007.
