Blackstone Group LP is planning to create a hedge fund which will consist of the boldest trades from the third-party hedge funds it invests with, the Financial Times reported. The new fund will invite managers to sell their interesting trading ideas in exchange for a fee and it will be run by former Duquesne Capital partner, Greg Geiling, the daily said. ()The business paper said that Blackstone was already running the fund quietly for several months, inviting investments from its biggest institutional clients.Blackstone was not reachable for comment outside usual U.S. business hours.
The Blackstone Group L.P. (Blackstone) is a United States-based company that is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 1.33% or $0.3/share to $22.94. In the past year, the shares have traded as low as $11.13 and as high as $23.30. On average, 5079990 shares of BX exchange hands on a given day and today's volume is recorded at 4889591.
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