ARTICLE
25 April 2016

Blackstone To Close Alternative Multi-Manager Fund Following Large Redemption By Fidelity Investments

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Blackstone announced it will no longer accept new investment in the Blackstone Alternative Multi-Manager Fund and it will liquidate the liquid alternative mutual fund by May 31.
United States Finance and Banking

Blackstone announced it will no longer accept new investment in the Blackstone Alternative Multi-Manager Fund and it will liquidate the liquid alternative mutual fund by May 31. The decision came after a large redemption by Fidelity Investments, the strategy's main backer, which invested almost $1 billion in 2013. The fund had fallen to $629.8 million in assets from $1.2 billion at the end of February. However, Blackstone said it has allocated "significant resources to facilitate the continued growth" of its global registered fund platform that offers liquid investment solutions.

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