Thursday, 28 July 2016
Last updated 8 hours ago
Jun 12 2013 | 10:18am ET
The Blackstone Group is moving forward with plans to launch a range of mutual funds.
CEO Stephen Schwarzman told the Morgan Stanley Financials Conference that the alternative investments giant would seek to tap growing retail demand for such products with mutual funds. He said that everyday investors were beginning to gain a better understanding of alternatives, and that financial advisers are seeking greater exposure to them.
"We have one product that's going to be coming out, a mutual-fund complex," Schwarzman said. "This is getting slow and steady receptivity. This is more of an everyday-type offering."
Blackstone hedge fund chief Tom Hill said last month that the firm would launch a mutual fund this year, targeting defined-contribution pension plans.