Blackstone launches new Asia-focused hedge effort

NEW YORK, May 13 (Reuters) - The Blackstone Group (BX.N) on Tuesday said it launched a new Asia-focused hedge fund strategy, naming a former executive of SAC Capital Management to lead the effort.

The new Altius Advisors will be headed by Aaron Nieman, who recently joined Blackstone from SAC as managing director of its Canvas Capital division, Blackstone said.

Blackstone, like all private investment firms targeted to institutional and high net worth investors, is barred from publicly discussing fund-raisings. However the firm is expected to raise a new fund to be based in Hong Kong for the strategy.

Blackstone currently manages some $37 billion in hedge-fund assets, including proprietary funds trading equity, debt and other securities, and hedge "fund of funds," which invest in hedge funds. (Reporting by Dane Hamilton, editing by Maureen Bavdek)