United States:
Blackstone To Close Alternative Multi-Manager Fund Following Large Redemption By Fidelity Investments
25 April 2016
Kramer Levin Naftalis & Frankel LLP
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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. 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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