The world's largest asset manager started as a fixed income shop, then got into equities followed by exchange-traded funds just as the US stock market and the concept of passive investing took off. So when the firm is busy writing billion-dollar checks again, one must ask if another seismic shift is taking shape in the money management world.
This time, chairman Larry Fink has set his eyes on private investments. BlackRock has agreed to buy private credit specialist HPS Investment Partners for roughly $12 billion, less than a year after agreeing to purchase alternative asset manager Global Infrastructure Partners for $12.5 billion, and private markets data provider Preqin for $3.2 billion.
HPS is not coming cheap. It was looking to go public and has a few suitors circling. Boutique alternative managers like HPS also command higher valuations. Ares Management, for instance, trades at around 35 times forward earnings, versus BlackRock's 22 times.
Esta historia es de la edición December 05, 2024 de Financial Express Mumbai.
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