BlackRock is close to acquiring an alternatives manager, CEO Larry Fink said in an interview. He declined to identify the target company but said he expects the deal to be announced this month or in February. BlackRock manages about $4.8 billion in alternative investments, including a $2 billion hedge fund that is closed to new investors. Mr. Fink said management of the target company is willing to take the BlackRock name and join the companys platform.
Separately, BlackRocks senior management is negotiating with its majority owner, PNC Bank, to increase BlackRock employee ownership of the company to 25% from 15%. PNC now holds about 70% of the company, and 15% is publicly held. Mr. Fink said BlackRock likely will roll out a new equity ownership plan late this month or early February.