Blackstone Inc Chief Executive Stephen Schwarzman said on Wednesday that redemptions in his firm's $69 billion non-traded real estate income trust (REIT) were driven by investors roiled by market volatility rather than dissatisfaction with the fund.
Chief Executive Stephen Schwarzman said on Wednesday that redemptions in his firm's $69 billion non-traded real estate income trust were driven by investors roiled by market volatility rather than dissatisfaction with the fund.
Large redemptions have been seen at other such funds, with investment firm Starwood Capital informing investors last week that its $14.6 billion non-traded REIT also had raised the gates. Schwarzman told the Goldman Sachs financial services conference that individual investors were hit particularly hard by a liquidity crunch in Asia, as the Hang Seng Index nosedived and many also had to cover positions they amassed with debt, causing financial distress.
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