|
|
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.
…"We believe...................... To view our full article Click here
|
|
RSS
