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BlackRock Winding Down Global Macro Hedge Fund After Losses

  • Assets have dropped below $1 billion from $4.6 billion in 2013
  • Fund slumped 14.5% this year through May before paring losses
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Why BlackRock Is Shutting Down Global Macro Hedge Fund

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BlackRock Inc., the world’s largest asset manager, is winding down a global macro hedge fund after losses and investor redemptions eroded assets.

BlackRock Global Ascent lost 9.4 percent this year, according to an October investor document, on track for its worst year since inception in 2003. The fund, which had $4.6 billion in assets just two years ago, has shrunk to less than $1 billion as of Nov. 1, said a person familiar with the matter, who asked not to be named because the information is private.