2008-12-24nytimes.com

Blackstone will merge the distressed securities fund into GSO, a hedge fund the firm acquired in January and which has long plied in distressed debt. Investors in the distressed securities fund, which is managed by John Dionne, can transfer their investment to GSO, while the fund itself will be liquidated, the firm said in a statement.

Blackstone Kailix Advisors, which manages the long-short equities fund, will be spun off as an independent entity under its current management team under Manish Mittal. Blackstone will invest in the new fund, and investors in the current fund will be given the chance to invest in the new fund.


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