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Blackstone and Fidelity offer hedge fund taste to retail crowd

(Reuters) – Blackstone Group LP (BX.N), one of the world’s biggest hedge fund investors, said on Monday Fidelity Investments is a strategic partner in giving retail investors a taste of the normally exclusive world of hedge fund investing.

Boston-based Fidelity’s Portfolio Advisory Service PAS.L, a managed account offering, has begun investing in the Blackstone Alternative Multi-Manager Fund (BXMMX.O).

PAS clients are Fidelity retail investors with a minimum account of $50,000, who get access to some of the best outside money managers hired by Fidelity’s Strategic Advisers unit.

Launched last month, the alternative mutual fund is run by Blackstone’s hedge fund unit and advised by nearly one dozen hedge funds, including Wellington Management, Two Sigma Advisers, HealthCor Management and Good Hill Partners, U.S. regulatory filings show.

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