BlackRock to Start ‘Best Ideas’ Credit Hedge Fund

BlackRock Inc., the world’s largest asset manager, plans to start a long-short global credit hedge fund that would use the best ideas of the firm’s leveraged-finance team, according to a document from Citigroup Inc.’s prime-finance unit.

BlackRock’s Fundamental Credit Investors fund will replicate the leveraged-finance portion of its Obsidian Fund, a diversified fixed-income fund, Citigroup said in the document, a copy of which was obtained by Bloomberg News. The firm will start marketing the fund to investors in the first half of next year and has been speaking with clients about the strategy, said a person familiar with the plans, who asked not to be identified because the information is private.

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