BlackRock is buying a majority stake in HPB Management, a New York City-based manager of hedge funds. Howard P. Berkowitz, founder of the $150 million shop will join BlackRock as a managing director when the deal closes on April 30. Other terms of the deal were not disclosed by BlackRock.

"Fund of funds is a natural extension of our alternative investment offerings, enabling us to further leverage BlackRock's broad product knowledge and risk management capabilities on behalf of our institutional and high net worth clients," said Laurence D. Fink, chairman and CEO of BlackRock.

Following closing, Berkowitz will head up the combined HPB and BlackRock fund of hedge funds teams consisting of seven dedicated employees based in the firm's New York City headquarters.  

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