(Bloomberg) -- BlackRock, the world’s largest asset manager, is winding down a global macro hedge fund after losses and investor redemptions eroded assets.

BlackRock Global Ascent lost 9.4 % this year, according to an October investor document, on track for its worst year since inception in 2003. The fund, which had $4.6 billion in assets just two years ago, has shrunk to less than $1 billion as of Nov. 1, said a person familiar with the matter, who asked not to be named because the information is private.

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