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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