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Blackstone will shutter a mutual fund that allocates money to hedge fund managers following a large redemption by the vehicle’s main backer, Fidelity.

“We are at a point now where every manager, whether in fixed income or equity, has to show value for the fees they are charging,” says one consultant.

Change happens when it has to. For bank advisors, this means they'll get succession plans--eventually.

Such funds can provide diversity, but find out a manager’s history and specific holdings.

History shows a worrisome trend around the newest funds.