BlackRock, the world’s largest asset manager $9.42tn in AUM, is planning to liquidate its first hedge fund, the Obsidian fund after twenty seven years of operation, according to a report by CityWire.
According to the report, BlackRock will be closing the fund after Stu Spodek, the Chief Investment Officer and lead PM of Obsidian fund announced his plan to step back from the fund’s operations earlier this month.
Quoting an internal memo, the report noted BlackRock as saying, “After careful deliberation, we agreed the best course of action was to wind down Obsidian, return capital to investors and provide them with an opportunity to re-invest in other BlackRock strategies.”
