Blackstone Alternative Investment Advisors has removed subadvisor Good Hill Partners from its $5.2bn Blackstone Alternative Multi-Strategy fund.
It is the third time this year that Blackstone has dropped a subadvisor from the fund, which debuted in 2014. Roughly 20 subadvisors remain on the strategy, including at least three with similar strategies as Good Hill, according to Blackstone’s website and a July 1 prospectus filed with the Securities and Exchange Commission (SEC).
Good Hill had been tasked with relative value strategies, with a sub-strategy focused on asset-backed securities, according to filings with the SEC.
This latest subadvisor removal marks at least the second time in two months that Connecticut-based Good Hill lost subadvisory duties on a fund. In June, Neuberger Berman disclosed it had removed Good Hill from the $77m Neuberger Berman Absolute Return Multi-Manager fund, liquidating its exposure to asset-backed securities, an 11.7% portion of the portfolio.
Good Hill, which had about $2bn in assets under management as of June 1, told investors in February that it planned to wind down its flagship investment vehicle, the Good Hill Master Fund.
Good Hill, which was founded in 2006, did not respond to requests for comment before publication.
In March, Blackstone removed Shelter Growth Capital Partners as a subadvisor on the fund, and in May dropped IPM Informed Portfolio Management, a Swedish macro shop that shut down, as a subadvisor.
Blackstone portfolio manager Gideon Berger left the firm in May. Raymond Chan, Min Htoo, Robert Jordan, Ian Morris, Stephen Sullens and Alberto Santulin remain listed on the fund.
In January, Blackstone hired Joe Dowling, formerly the CEO of Brown University’s investment office, to lead its alternative asset management branch. The fund, which has an adjusted expense ratio of 2.38%, has outperformed similar strategies but not its index, according to Morningstar.
Blackstone did not return a request for comment about the change.
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Blackstone drops subadvisor from $5bn alts fund - Citywire USA
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