Hedge fund investor Blackstone Group and Fidelity Partners have teamed up to offer hedge fund investments to retail clients.
Reuters reported that Boston-based Fidelity’s Portfolio Advisory Service has started investing in Blackstone’s Alternative Multi-Manager Fund.
The new offering, which launched out of Blackstone Alternative Asset Management’s mutual fund portfolio last month, allows retail clients access to hedge fund investments by allocating assets to a variety of traditional and alternative investment subadvisers.
Investors must allocate a minimum of $50,000 to the fund.
BAAM manages approximately $49 billion in assets, while Fidelity has about $451 billion allocated to various funds.