(Bloomberg) -- BlackRock Inc. hired Harvard Management Co.’s Mark McKenna to start an event-driven hedge fund as the world’s largest asset manager seeks to expand its alternative-investment business.

McKenna, 43, will be based in New York and lead a new team focused on global events including corporate takeovers, divestitures, and management changes to generate returns, according to a memo dated June 9 provided by the company. He is expected to start a new fund this year and will report to Carl Eifler in hedge-fund strategies.

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