(Bloomberg) -- Blackstone, the asset manager run by Stephen Schwarzman, will shutter a mutual fund that allocates money to hedge fund managers following a large redemption by the vehicle’s main backer, Fidelity Investments.

The Blackstone Alternative Multi-Manager Fund will no longer accept new money and will be liquidated by May 31, according to a filing with the U.S. Securities and Exchange Commission on Thursday. The fund’s investment adviser will seek to convert all of its holdings to cash and cash equivalents to meet anticipated redemption requests.

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