The Fund of Funds 50: A Tale of Two Tiers

The fund-of-hedge-fund industry has divided along size lines, with the biggest firms offering bespoke products and getting the lion’s share of new assets.


Last August, in one fell swoop, New York–based Blackstone Alternative Asset Management opened the once-exclusive world of hedge fund investing to retail investors. BAAM, the world’s largest investor in hedge funds, introduced the Blackstone Alternative Multi-Manager Fund, an open-ended mutual fund, to offer daily liquidity to clients of Fidelity Investments’ Portfolio Advisory Service.

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