Blackstone Buys Minority Stake in Hedge Fund Marathon

(Reuters)) Blackstone Group LP, the world’s biggest investor in hedge funds, said on Wednesday that it bought a minority stake in $13 billion hedge fund Marathon Asset Management.

Marathon, which was founded by Bruce Richards and Louis Hanover in 1998, specializes in distressed debt investing. Its management team, including chief operating officer and president Andrew Rabinowitz, will continue to run the business and make investment decisions.

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