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. (r.reuters.com/teq28t)
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 available for comment outside usual U.S. business hours.
(Reporting by Pallavi Ail in Bangalore; Editing by Jacqueline Wong)