It was learned that BlackRock, the world’s largest asset management company with $11.5 trillion in assets under management, is seeking a strategic partnership with Millennium Management, the most profitable hedge fund. Fund is one of the companies.
According to the Financial Times, citing sources who are aware of the issue but did not want to be named, talks between the two companies are still at an early stage and a deal may not be reached.
Millennium Management made a name for itself in its large transactions, particularly Bitcoin ETFs. While the total amount invested in ETFs as of May 16 was only $12 billion, Millennium alone accounted for $2 billion of that figure. Eric Balchunas, senior ETF analyst at Bloomberg, calls Millennium the “Bitcoin ETF King.”
It is not yet known if this desire for a strategic partnership is related to B Millennium’s Bitcoin ETF investment. According to the news, if the company sells the stake to BlackRock, it will be Millennium’s first outside investment in its 35-year history.
Millennium, headed by Izzy Englander, 76, employs 5,900 people and manages about $70 billion in assets.
Larry Fink, CEO of BlackRock, identified alternative investments as a strategic priority because they are more profitable than traditional mutual funds. In this regard, BlackRock has acquired global infrastructure partners and alternative data provider Preqin since the start of the year, and is also in talks with private credit company HPS.
