BlackRock has launched the BlackRock Multi-Manager Alternative Strategies Fund, offering individual investors the opportunity to access multiple alternative investment strategies in a single open-end mutual fund.
The investment objective of the fund is to seek total return.
The fund extends BlackRock's alternative mutual fund platform to seven funds.
The fund leverages the industry knowledge of BlackRock Alternative Advisors (BAA), BlackRock's hedge fund solutions platform.
"Following the market volatility of recent years, it is critical for investors to understand that exposure to a wider range of investments is necessary as part of a core investment strategy," says Ken Barbuscio, head of product and platform development for BlackRock's US wealth advisory division. "BMMAX provides individual investors with a way to diversify across alternative investment managers and strategies in a single portfolio solution."
BlackRock is responsible for identifying and retaining sub-advisers for the fund's selected strategies and for monitoring the services provided by the sub-advisers. Mark Everitt, Albert Matriotti, David Matter and Edward Rzeszowski are jointly responsible for setting the overall investment strategy and overseeing the management of the fund.
The fund allocates fund assets among alternative strategies managed by BlackRock and external sub-advisers including:
— Benefit Street Partners — fundamental long/short
— Independence Capital Asset Partners — fundamental long/short
— LibreMax Capital — fundamental long/short
— Loeb King Capital Management — event driven
— MeehanCombs — fundamental long/short
— PEAK6 Advisors — relative value
— QMS Capital Management — directional trading