By Corey Goldman
BlackRock is having a busy year, but that's not necessarily good news for the hedge fund industry. Never mind that the super-size publicly traded asset management firm has been fleshing out the details of its $13.5 billion acquisition of Barclays Global Investors, announced in June. Behind the scenes, BlackRock has been fielding propositions from a number of troubled hedge funds and funds of funds searching for a lifeline.
BlackRock's advisory unit, BlackRock Alternative Advisors, has received dozens of calls and a few outright offers from hedge funds wanting to sell themselves to keep their operations, partners, staff and investors afloat. It's a tall order. BlackRock is happy to eye alternative asset managers on the block, "but generally we are not looking to fuse right now," says Chuck Clarvit, co-head of BAA. He adds: "Most who are looking to sell right now are unfortunately doing so because...