BlackRock in talks to buy minority stake in Millennium, sources say

By Paritosh Bansal and Carolina Mandl

(Reuters) -BlackRock is in early-stage talks with Millennium Management about a strategic tie-up that could involve acquiring a minority stake in the hedge fund, two sources familiar with the matter said.

The sources said it was not clear whether the talks would result in a deal, with one of them adding that the strategic rationale of a transaction was also unclear. The Financial Times reported earlier on the potential deal.

Millennium, founded by Israel Englander, manages roughly $70 billion. The multi-strategy hedge fund is up 10% for the year to the end of October, one of the sources and a separate person familiar with the matter said.

BlackRock (NYSE:), which ended September with about $11.5 trillion in assets, has been on an acquisition spree this year as it looks to become an all-in-one platform for investors by integrating public and private markets.

In October, BlackRock completed its $12.5 billion acquisition of Global Infrastructure Partners, putting it at the heart of investing in infrastructure projects around the world.

Later this year, BlackRock is expected to finalize its $3.2 billion acquisition of private markets data provider Preqin, aiming to strengthen its position in private markets.

These strategic moves are anticipated to bolster BlackRock’s presence in infrastructure investments and private markets, both key growth areas.