Monday, 28 July 2014
Last updated 7 hours ago
Sep 29 2010 | 8:56am ET
The Blackstone Group’s fund of hedge funds unit has struck upon a new business line: seeding former proprietary traders’ new hedge funds.
Blackstone Alternative Asset Management plans to launch a fund dedicated to seeding traders chased from banks by the newly-enacted Volcker rule, which bars proprietary trading. The new vehicle could close as soon as next month, Reuters reports.
The move comes after BAAM agreed to back a new hedge fund headed by Credit Suisse’s top commodities arbitrage trader, George Taylor. Blackstone is investing $150 million in the unnamed fund, which will invest in commodities and energy, as well as currencies and other macro strategies.
BAAM has $28.5 billion in assets under management.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…