] recently announced it would launch a mutual fund investing in hedge funds. Now the firm has announced it will foray into the individual investor market with nearly $1 billion from Fidelity
], Bloomberg Businessweek's
Katherine Burton and Margaret Collins report. Burton and Collins write that Blackstone has an exclusive agreement with Fidelity to market the product.
Fidelity, which didn't disclose how long the agreement would last, will also offer the fund to institutional clients.
The product, the Blackstone Alternative Multi-Manager Fund
, will be sold through Fidelity's Portfolio Advisory Service, which handles money for wealthy investors, according to Burton and Collins.
This isn't Fidelity's first partnership with a multi manager, multi strategy alternative mutual fund, Burton and Collins write. Fidelity began investing in Arden Alternative Strategies Fund last year.
also covered the story. Tim McLaughlin writes that the Portfolio Advisory Service's investors have a minimum account of $50,000.
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