BlockBeats news, on November 8th, according to reports from the Financial Times citing informed sources, BlackRock is in preliminary discussions with Millennium Management regarding a strategic partnership, which could allow the world's largest asset management company to acquire a stake in this highly profitable hedge fund management firm.
Although any stake may be small, this potential collaboration reflects BlackRock's desire to expand into alternative investments, while also showing that Millennium's 76-year-old founder Izzy Englander continues to grow and diversify his business.
Informed sources indicate that negotiations are still in the early stages and may not result in an agreement. If BlackRock ultimately does acquire a stake in Millennium, it would be the first time in 35 years that Englander has accepted outside investment into the management company of Millennium.
Both BlackRock and Millennium declined to comment.