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BlackRock to acquire Quellos for $1.7bln From InvesmentNews.com: BlackRock Inc., the New York-based asset management firm, today said it will buy Quellos Group LLC’s fund of funds business for up to $1.7 billion. At closing, Quellos will receive $562 million in cash, plus $188 million in BlackRock common stock. The Seattle-based investment management firm may also get up to $970 million in cash and stock over three and a half years. Full article: Source

Opalesque Note: According to BlackRock, this acquisition will make it the ninth largest fund-of-hedge-fund provider, with more than $25.4 billion in nontraditional assets, including private equity and hedge funds.

At the end of 2006, Quellos' fund-of-hedge funds business had $17.4 billion in assets under management, making it the 12th-largest such business in the world. The firm also has about $2.5 billion in private-equity investments, for a total of around $20 billion in managed assets, according to Quellos spokesman Michael Gross.

BlackRock deal shows hedge funds industry`s quest for size From Dow Jones/CNN: BlackRock Inc.'s (BLK) acquisition of a large fund-of- hedge-funds operation Tuesday highlights the growing institutionalization of an industry that prides itself on nimbleness, with small outfits losing out to large, established firms.

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