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."