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BlackRock, AQR, and Others Get Into the Liquid Alts Game

Large asset management firms are serving up hedge-fund-like mutual funds to their clients. But are these funds worth the money — or just a way for asset managers to fatten their coffers at investors’ expense?

 When Blackstone Alternative Asset Management, which oversees $49 billion across a range of hedge fund strategies and managers, decided to join the move into new alternative mutual funds with daily liquidity, it figured it could gain traction by hooking up with a major mutual fund company more familiar with marketing to

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