Reuters BlackRock has agreed to buy UK data firm Preqin for 2.55 billion pounds 3.23 billion in cash in a further expansion by the world39;s biggest asset management company into alternative investments.

BlackRock, which manages more than 10 trillion, is seeking to capitalise on a boom in demand from investors for alternative assets, which includes anything from private equity to infrastructure. In January BlackRock announced a deal to buy Global Infrastructure Partners GIP for 12.5 billion, while other investment firms have also struck recent deals.

The asset manager beat out rival potential bidders, which sources told Reuters last month included London Stock Exchange Group, and SP Global, for Preqin following a bidding process and after its owners had decided on a full sale of the business.

Demand for financial data and research has led to a wave of dealmaking in the sector in recent years. Among the biggest was SP Global39;s 44 billion allstock purchase of IHS Markit that completed in 2022.

In a statement, BlackRock said that the acquisition would complement its Aladdin tech business by bringing together data, research, and investment process for fund managers.

Aladdin is BlackRock39;s portfolio management software which provides investment professionals a way to view and manage daily investments.

Together with Preqin, we can make private markets investing easier and more accessible while building a betterconnected platform for investors and fund managers..,…