© Reuters. FILE PHOTO: Signage is seen outdoors the Blackstone Group headquarters in New York City, U.S., January 18, 2023. REUTERS/Jeenah Moon
(Reuters) – Blackstone (NYSE:) plans to shut a fund that exposes buyers to a wide range of hedge funds and buying and selling methods after property fell nearly 90% in 4 years, the Financial Times reported on Tuesday.
The US.-based asset supervisor informed buyers that Blackstone Diversified Multi-Strategy fund will shut on the finish of the 12 months, the newspaper reported, citing Blackstone.
The fund reported a 2% decline in returns from the start of 2020 till the tip of final month, the report mentioned, quoting investor paperwork.
“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 didn’t instantly reply to a Reuters request for remark.