Goldman Sachs and Blackstone have both reshuffled the subadvisor line-up on their respective multi-manager alternative funds, according to Securities and Exchange Commission (SEC) filings.
Goldman Sachs has dropped New York-based hedge fund New Mountain Vantage Advisers as a subadvisor to the $747.8 million Goldman Sachs Multi-Manager Alternatives fund.
After the change, which takes effect on March 19, the fund will still have a roster of 15 subadvisors consisting of Ares Capital Management, Algert Global, Crabel Capital Management, Graham Capital Management, Russell Investments Implementation Services, Wellington Management Company, Sirios Capital Management, Brigade Capital Management, Acadian Asset Management, First Pacific Advisors, QMS Capital Management, Atreaus Capital, One River Asset Management,Emso Asset Management and Halcyon Arbitrage IC Management.
The fund is overseen by gatekeepers Betsy Gorton, Kent A. Clark and Robert Mullane, who sit within Goldman’s alternative investments and manager selection (AIMS) group and provide manager due diligence, portfolio construction and risk management services among others.
Launched in April 2013, the fund has returned -0.3% over the past three years until the end of January and ranks fifth out of five Liquid Alternative - Fund of Funds tracked by Citywire.
On a separate note, Blackstone has recently added Endeavour Capital Advisors and NWI Management as subadvisors to the $5.9 billion Blackstone Alternative Multi-Strategy fund.
With the two new additions, the fund now counts 20 subadvisors comprised of Sorin Capital Management, Nephila Capital, Boussard & Gavaudan Investment Management, Waterfall Asset Management, D.E. Shaw Investment Management, NWI Management, Endeavour Capital Advisors, Healthcor Management, GSA Capital Partners, IPM Informed Portfolio Management, Good Hill Partners, Two Sigma Advisers, Caspian Capital, H2O AM, Cerberus Sub-Advisory I, Bayview Asset Management, Emso Asset Management, Gracian Capital, Magnetar Asset Management and Cerebellum Capital.
First launched in June 2014 with 16 subadvisors, which were all hedge funds, the fund has since added 13 subadvisors and dropped eight, according to Jeffrey Ptak, global director of manager research at Morningstar who tweeted about the fund's frequent subadvisory changes.
In 2015, the firm removed BTG Pactual and Union Point. In 2016, it removed Rail-Splitter and Blackstone Senfina. In 2017, Wellington Management and AlphaParity were removed. In the first two months of 2018, GS Investments and Chatham Asset Management have been removed.
The fund, which is managed by Blackstone's Alberto Santulin, Stephen Sullens, Gideon Berger, Robert Jordan, David Mehenny, Ian Morris and Min Htoo, has returned 12.2% over the past three years until the end of January and ranks 13 out of 55 Liquid Alternative - Multi Strategy funds tracked by Citywire.