Blackstone Alternative Asset Management terminated Aperture Investors as a subadviser to its Blackstone Alternative Multi-Strategy Fund.
The $4.2 billion multistrategy fund allocates money to portfolio managers that specialize in global macro, quantitative and opportunistic trading strategies, among others.
Blackstone did not provide a reason for the removal of Aperture in an Oct. 4 SEC filing disclosing the change.
In a January 2022 SEC filing, Blackstone Alternative Asset Management had announced the addition of Aperture Investors as a subadviser managing equity hedge strategies.
Aperture was founded in 2018 by former AllianceBernstein CEO Peter Kraus and insurance and money management group Assicurazioni Generali. The money manager runs on a revenue model for which it charges exchange-traded fund-like fees that only increase when portfolio managers exceed their benchmarks.
As of Oct. 31, 2021, Aperture had about $4.4 billion in assets under management, the most recent data available.