BlackRock is in early-stage discussions with Millennium Management about a strategic partnership that could see the world’s largest asset manager take an equity stake in one of the most profitable hedge fund managers, according to people familiar with the situation.
Although any equity stake is likely to be small, the potential tie-up reflects how BlackRock is seeking to expand into alternative investments and shows how Millennium’s 76-year-old founder Izzy Englander is continuing to build out and diversify his business.
Talks were at an early stage and may not lead to a deal, the people said. If the sale of an equity stake to BlackRock did come to fruition, it would mark the first time in its 35-year history that Englander has taken outside investment in Millennium’s management company.