(Bloomberg) -- A Blackstone mutual fund that allocates money to hedge funds lost almost half of its assets this month as the fund’s biggest backer, Fidelity, slashed its stake.

Clients withdrew $585.5 million from the Blackstone Alternative Multi-Manager Fund in the first three weeks of this month, leaving it with $631.2 million in assets, down from $1.2 billion at the end of February, according to data from Morningstar.

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