Launches & Closures

RIC Watch: Blackstone latest to take the ‘retail’ RIC road

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Blackstone Alternative Asset Management and Permal Investment Management are set to enter the 1940 Act registered investment company market in the US, signalling an intention to gather assets in the retail distributor world usually reserved for long-only mutual funds.

While such a move by Permal is not unexpected given its parent, Legg Mason, is one of the largest mutual fund providers in the US, this act by Blackstone, the largest fund of hedge funds in the world with $37.21 billion under management, is significant given its private equity/institutional roots.

In fact, Legg Mason Investor Services – an affiliate