BlackRock will acquire a majority stake in HPB Management, a fund of hedge funds formerly called HPB Associates, officials at both companies announced today. Terms were not disclosed. HPB Management will be merged into BlackRocks alternative investments program after the deal is finalized. Howard P. Berkowitz, HPB founder, will be managing director and CEO of BlackRocks hedge fund business. HPB manages $150 million in assets, mostly for high-net-worth investors. BlackRocks funds of hedge funds will be open to high-net-worth and institutional investors.