BlackRock, the $273bn (€254bn) asset management firm, is to acquire a majority shareholding in HPB Management, a $150m US fund of hedge funds manager founded by Howard Berkowitz.

Laurence Fink, chairman and chief executive officer of BlackRock, said: "Funds of funds are a natural extension of our alternative investment offerings, enabling us to further leverage our product knowledge and risk management capabilities on behalf of our institutional and high net-worth clients."

BlackRock buys majority stake in fund of hedge funds firm

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One of the top investors in Adani Group launched an on-market share buyback to protect its share price against the contagion from a U.S. investigation into the Indian conglomerate.

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The president-elect floated the idea during a Wednesday meeting with the former Fed governor.

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The U.S. auditing watchdog voted to require certain audit firms to disclose eight new metrics ranging from auditor turnover to partner involvement and restatement history.

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The AI titan will maintain its strong lead, but complicated product rollouts, sky-high expectations and the China threat add complications to growth potential.

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Research group GfK’s measure of consumer confidence climbed to minus 18 in November’s survey from minus 21 in October.

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