Blackstone Group LP (BX:US), the world’s biggest manager of alternative assets, is starting a mutual fund that will invest in hedge funds, part of an industrywide push to attract assets from individual investors.The Blackstone Alternative Multi-Manager Fund will charge annual fees of 3.25 percent of assets, including a 1.95 percent management fee.
The dice rollers need more ka-ching, this time supplied by smaller investors. As P.T. Barnum once said, when the carny got dangerously overcrowded. "Step right up, folks. This way to the Great Egress." Welcome to Stephen Schwarzman's investor way out, BXMMX.