Boston-based Fidelity's Portfolio Advisory Service (PAS) is now an investor in the Blackstone Alternative Multi-Manager Fund.

Fidelity's Portfolio Advisory Service (PAS) includes the high caliber retail investors who own accounts with minimum amount of $50,000. These investors are those who get to be advised on by the best outside money managers employed by Fidelity. The Blackstone Alternative Multi-Manager Fund on the other hand, is the mutual fund managed by the hedge fund unit of Blackstone Group. The fund is monitored and advised by well-known hedge funds such as Wellington Management, Good Hill Partners among others. With their partnership, Fidelity's retail investors would get the chance to play and earn through Blackstone's hedge fund. 

Fidelity's retail investors can rejoice that the Blackstone-managed fund has a net expense ratio of 2.40%, a figure that is twice as high as the operating expenses calculated as a percentage of the fund's average net assets other funds .Conversely, Fidelity's retail investors should also be aware that this mutual fund is restricted by its daily redemption feature. Because investors can ask for their principal investment daily, the fund is vulnerable to risks brought about by speculations and fluctuations.