Blackstone Mutual Fund Loses Half Of Its Assets
Clients withdrew $585.5M from a Blackstone mutual fund, leaving it with $631.2M in assets—a big dip from February's $1.2B.
The decline largely comes from a redemption by Fidelity Investments, which slashed a good portion of the $1B stake it had put in the fund in 2013.
The Blackstone fund has returned an annualized 3% since it started, compared to a 9.8% return for the broader market, although its 4% return last year outdid most of its peers, Bloomberg reports.
These types of funds have been struggling among Blackstone's peers recently, with Carlyle closing a pair of mutual funds last year, after KKR shut down two of their own in 2014. [Bloomberg]