Blackstone Group LP recently unveiled a plan to create a hedge fund consisting of the riskiest trades from third party hedge funds it has invested with. This move was first reported by the Financial Times.

The new fund would be inviting fund managers to sell their trading ideas in exchange for a fee. This fund would be run by Greg Geiling, formerly of Duquesne Capital. 

The financial news daily also reported that the hedge fund was already running the fund for the past few months, already inviting investment ideas from its largest institutional clients.

Blackstone was unavailable for comments beyond US office hours.

One of the main issues of the fund would be its inherent secrecy. Many fund managers are reluctant to disclose trade details or portfolio moves. There are some instances that even investors are not told of the moves their fund managers make with their money.

In this system, the fund managers would not risk their own funds or their own portfolios but instead would sell their ideas to the fund and the fund would either use or shelve it at their behest.