BlackRock’s McKenna Starts Hedge Fund With $270 Million
ByBlackRock Inc. has started an event-driven hedge fund one year after hiring Harvard Management Co.’s Mark McKenna to run the strategy.
Global Event Partners, which seeks to profit from corporate events such as takeovers, divestitures and management changes, began trading in June and had $270 million in assets, according to a July investor presentation viewed by Bloomberg. BlackRock hiredMcKenna in June 2014 and was expecting to start the fund last year, the company said in a memo at the time.
BlackRock, led by Chief Executive Officer Laurence D. Fink, is expanding its alternative-investment business as it seeks to bring in more fee revenue and meet demand from investors that want less correlation to stocks and bonds. As part of the expansion, the New York-based firm in 2013 started a long-short credit fund managed by Dave Trucano…
BlackRock’s McKenna Starts Hedge Fund With $270 Million
