Blackstone's new hedge fund involves independent companies

``BAAM President Tomilson Hill told Blackstone's public investor day on June 12 that the firm was working on a direct investing initiative in which "talented risk takers" would be recruited into a "condominum-like structure managed by BAAM". The Wall Street Journal reported on Sunday, citing its sources, that the recruited traders will not be Blackstone employees but will be grouped in independent management companies. Combined, the teams' investments will form a multistrategy hedge fund to be pitched to wealthy clients, the financial newspaper added.''