BlackRock Looks For Bits Of Hedge Funds

Jun 20 2007 | 8:58am ET

Not one to be left out of the crowd, BlackRock has announced a plan to invest in startup hedge funds as other traditional asset managers and Wall Street giants do the same.

At a conference in Monaco, BlackRock hedge fund chief Howard Berkowitz said his firm will take small stakes in young hedge funds “to be on the ground floor and be able to get a great rate of return.”

Hedge funds have reportedly raised some $10 billion over the past year by selling stakes in their firms.

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