Blackstone To Close Multi-strategy Fund After Assets Drop Nearly 90% - FT | Old North State Wealth News
Connect with us

US News

Blackstone to close multi-strategy fund after assets drop nearly 90% – FT



© Reuters. FILE PHOTO: Signage is seen outside the Blackstone Group headquarters in New York City, U.S., January 18, 2023. REUTERS/Jeenah Moon

(Reuters) – Blackstone (NYSE:) plans to close a fund that exposes investors to a variety of hedge funds and trading strategies after assets fell almost 90% in four years, the Financial Times reported on Tuesday.

The US.-based asset manager told investors that Blackstone Diversified Multi-Strategy fund will close at the end of the year, the newspaper reported, citing Blackstone.

The fund reported a 2% decline in returns from the beginning of 2020 until the end of last month, the report said, quoting investor documents.

“This is a small, legacy fund. We are in talks with clients to move their capital to newer strategies that offer greater flexibility than the current structure allows,” FT quoted Blackstone as saying.

Blackstone did not immediately respond to a Reuters request for comment.

Read the full article here

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Copyright © 2022 ONSWM News. Content posted on the Old North State Wealth News page was developed and produced by a third party news aggregation service. Old North State Wealth Management is not affiliated with the news aggregation service. The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date the articles were published. The information presented is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any of the securities discussed.