Sr. Managing Director
Gideon L. Berger is a Senior Managing Director of The Blackstone Group and Co-Chief Investment Officer of the Hedge Fund Solutions Group.
Before joining Blackstone in 2002, Mr. Berger was a Founder and President of Ez-Ways, Incorporated, a technology startup, where he also served on the Board of Directors. Prior to that, Mr. Berger was a Founder and Principal of a consulting firm specializing in the design and implementation of database and enterprise solutions.
Mr. Berger received a BA in Mathematics and Physics from Vassar College, an MS in Applied Physics from Columbia University and a PhD in Computer Science from the Courant Institute of Mathematical Sciences at New York University.
Raymond Chan is a Managing Director of the Hedge Fund Solutions Group where he serves as a portfolio manager for BAAM’s registered funds platform.
Before joining Blackstone in 2019, Mr. Chan was a Senior Portfolio Manager at Goldman Sachs where he led a multi-asset investment team within Goldman Sachs Asset Management’s Global Portfolio Solutions group. He also served as the Head of Strategy for multi-asset funds and models and as the Head of the Markets Team. Prior to those roles, Mr. Chan structured and marketed cross-asset derivatives within the Securities Division of Goldman Sachs. Mr. Chan began his career as a consultant with Oliver Wyman.
Mr. Chan received an AB in Biochemistry with honors from Harvard University and an MBA from the Wharton School at the University of Pennsylvania. He has earned the right to use the Chartered Financial Analyst designation.
Sr. Managing Director
Min Zaw Htoo is a Senior Managing Director of The Blackstone Group and Co-Chief Investment Officer of the Hedge Fund Solutions Group.
Prior to joining Blackstone in 2017, Mr. Htoo led Anandar Capital Management as Founder and CIO. Before the launch of his own firm, Mr. Htoo was a day-one Partner at Magnetar Capital where, as a Senior Portfolio Manager, he invested in both fundamental and quantitative strategies. Mr. Htoo began his investment career as an Analyst at Och-Ziff Capital Management Group and then as a Portfolio Manager at Citadel. Prior to that, Mr. Htoo worked in the Mergers & Acquisitions department of Morgan Stanley & Company’s Investment Banking Division.
Mr. Htoo received a BA in Business Economics with Honors from Brown University. He was honored with The Wall Street Journal Award for earning the highest departmental GPA and was elected as a member of the Phi Beta Kappa Society and Omicron Delta Epsilon, the International Honor Society for Economics.
Sr. Managing Director
Robert Jordan is a Senior Managing Director of The Blackstone Group and is a member of the Hedge Fund Solutions Special Situations Investing Group. Mr. Jordan is involved in hedge fund manager risk analysis, risk monitoring and analysis of the BAAM funds, as well as the evaluation of special investment opportunities. Before joining Blackstone in 2011, Mr. Jordan worked as a Portfolio Manager in fundamental equity and Head of Special Projects for Xaraf Management, a multi-strategy hedge fund manager.
Mr. Jordan was the Portfolio Manager of a hedge fund for Morgan Stanley Investment Management / FrontPoint, having moved his team from Morgan Stanley’s equity division, where he was a Portfolio Manager and Analyst in proprietary trading since 2000. Earlier in his career at Morgan Stanley, Mr. Jordan was a Trader in Program Trading and Equity Derivatives.
Mr. Jordan began his career at Susquehanna Investment Group, where he was a Trader of equity and sector index options after training in foreign currency options. Mr. Jordan received an AB cum laude from Harvard College with concentration in Computer Science, and an MBA from M.I.T. Sloan School of Management. He has earned the right to use the Chartered Financial Analyst designation.
Sr. Managing Director
Ian Morris is a Senior Managing Director of the Hedge Fund Solutions Group. Mr. Morris is involved in top-down investment strategy, asset allocation and macroeconomic analysis for BAAM.
Before joining Blackstone in 2010, Mr. Morris was Chief US Economist at HSBC in New York for ten years, managing the firm’s North American macroeconomic research team and providing advice and forecasts on macro trends and risks to clients, including financial institutions, non-financial corporations, central banks and sovereign wealth funds. Prior to that, Mr. Morris was a Global Economist with HSBC in London for three years and in Melbourne for two years.
Prior to joining HSBC, Mr. Morris worked for PaineWebber in London. Mr. Morris has authored many thematic research publications, including “A Froth Finding Mission (Jan 2006)”, a 100-page report that anticipated the 2006-09 housing bust. Mr. Morris holds a Bachelor’s degree in Applied Economics from Deakin University in Melbourne, Australia and an MSc in Financial Economics from the University of London.
Alberto Santulin is a Managing Director of the Hedge Fund Solutions Group. Mr. Santulin is involved in portfolio management and in hedge fund manager evaluation, selection and monitoring. He is primarily focused on multi-strategy, event, arbitrage and reinsurance strategies.
Before joining Blackstone in 2003, Mr. Santulin worked at Rasini & Co. Inc., a European fund-of-hedge-funds, where he opened and ran the New York office. Prior to joining Rasini, Mr. Santulin worked in London for Banque Paribas where he was in Fixed Income Derivatives Sales & Trading covering Italian institutions and hedge funds.
Mr. Santulin received a BA with a major in Finance from Bocconi University in Milan, Italy. His degree dissertation is titled "Hedge Funds: Evolution and Investment Strategies." He has earned the right to use the Chartered Financial Analyst designation.
Sr. Managing Director
Stephen W. Sullens is a Senior Managing Director of The Blackstone Group and Head of Portfolio Management for the Hedge Fund Solutions Group. Mr. Sullens oversees portfolio management for all of BAAM's multi-manager programs. He is responsible for directing the manager research team in hedge fund manager selection and monitoring.
Before joining Blackstone in 2001, Mr. Sullens served as a Director with Citi Alternative Investment Strategies, Citigroup's hedge fund investment center. In that role, he was responsible for manager selection and monitoring, as well as portfolio management. Previously, Mr. Sullens served as Manager of Alternative Investments for The Walt Disney Company, where he directed the company's alternative investment program, including investments in private equity, real estate, venture capital and hedge funds.
Prior to his six years at Disney, he was an analyst with Trammell Crow Ventures, a real estate investment advisory firm. Mr. Sullens received both a BA in Economics and an MS in Industrial Engineering from Stanford University. He has earned the right to use the Chartered Financial Analyst designation.
This page is not an offer to sell the Fund’s securities and is not soliciting an offer to buy the Fund’s securities. All investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. All investors are urged to carefully read the prospectus and summary prospectus in their entirety before investing.
Performance data quoted represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. All returns include dividend and capital gain distributions. The price information contained herein is estimated and unaudited and subject to change.
There can be no assurance the Fund will achieve its objectives or avoid significant losses. You can receive additional information about the Fund by calling 855-890-7725 or by contacting your BAAM representative.
An investment in BXMIX, should be considered a speculative investment that entails substantial risks; you may lose part or all of your investment or your investment may not perform as well as other investments. BXMIX’s investments involve special risks including, but not limited to, loss of all or a significant portion of the investment due to leveraging, short-selling, or other speculative practices, lack of liquidity and volatility of returns. The following is a summary description of certain additional principal risks of investing in BXMIX: Allocation Risk – Blackstone’s judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, sub-adviser or security may be incorrect and this may have a negative impact upon performance. Derivatives Risk – the use of derivatives involves the risk that their value may not move as expected relative to the value of the relevant underlying assets, rates, or indices. Derivatives can be subject to counterparty credit risk and may entail investment exposure greater than their notional amount. Distressed Securities Risk - investments in securities of business enterprises involved in workouts, liquidations, reorganizations, bankruptcies and similar situations involve a high degree of risk of loss since there is typically substantial uncertainty concerning the outcome of such situations. Event-Driven Trading Risk – involves the risk that the specific event identified may not occur as anticipated and that this may have a negative impact upon the market price of the securities involved. Foreign Investments/ Emerging Markets Risk - involves special risks caused by foreign political, social and economic factors, including exposure to currency fluctuations, less liquidity, less developed and less efficient trading markets, political instability and less developed legal and auditing standards. High Portfolio Turnover Risk - active trading of securities can increase transaction costs (thus lowering performance) and taxable distributions. Model and Technology Risk – involves the risk that model-based strategies, data gathering systems, order execution and trade allocation systems and risk management systems may not be successful on an ongoing basis or could contains errors, omissions, imperfections or malfunctions. Multi-Manager Risk - managers may make investment decisions which conflict with each other and as a result, the Fund could incur transaction costs without accomplishing any net investment result. Leverage Risk – borrowing money or engaging in transactions that create investment leverage can produce volatility and may exaggerate changes in the net asset value of Fund shares. Conflicts of Interest Risk: Blackstone and the Sub-Advisers have conflicts of interest that could interfere with their management of the Fund. These conflicts, which are disclosed in the Fund’s Statement of Additional Information, include, without limitation:
The foregoing information has not been provided in a fiduciary capacity under ERISA, and it is not intended to be, and should not be considered as, impartial investment advice. If you are an individual retirement investor, contact your financial advisor or other fiduciary unrelated to BAIA about whether any given investment idea, strategy, product or service described herein may be appropriate for your circumstances.
Important Disclosures Regarding Index Comparisons: Indices are provided for illustrative purposes only and have not been selected to represent benchmarks for the Fund, but rather are disclosed to allow for comparison of the Fund’s performance to that of well-known and widely recognized indices. The indices may include holdings that are substantially different than investments held by the Fund and do not reflect the strategy of the Fund. Comparisons to indices have limitations because indices have risk profiles, volatility, asset composition and other material characteristics that may differ from the Fund. The indices do not reflect the deduction of fees or expenses and you cannot invest directly into an index. In the case of equity indices, performance of the indices reflects the reinvestment of dividends. Index data is obtained from unaffiliated third parties and is subject to subsequent adjustments. Blackstone makes no assurances as to the accuracy or completeness thereof.
Market indices obtained through Bloomberg, HFR Asset Management, MSCI and Morngingstar, as applicable. Bloomberg Barclays Global Aggregate Bond Index: a flagship measure of global investment grade debt from twenty‐four local currency markets. This multi‐currency benchmark includes treasury, government‐related, corporate and securitized fixed‐rate bonds from both developed and emerging markets issuers. HFRX Global Hedge Fund Index: is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies falling within four principal strategies: equity hedge, event driven, macro/CTA, and relative value arbitrage. Strategies are asset weighted based on the distribution of assets in the hedge fund industry. MSCI World TR Index: a market capitalization weighted index designed to provide a broad measure of large and mid‐cap equity performance across 23 developed markets countries. Morningstar Multialternative Category: represents the average performance of mutual funds categorized as “multialternative” funds by Morningstar, Inc. These funds use a combination of alternative strategies such as taking long and short positions in equity and debt, trading futures, or using convertible arbitrage, among others.
Important Disclosures Regarding Exposure: Exposure data presented herein does not consider the impact of delta on option positions (unless noted otherwise). Instead, exposures represent the market value of each underlying instrument. Positions of unknown type (if any) are excluded from exposure data. There is no attempt in this report to differentiate between or adjust for shorter versus longer duration rates trades. Instead, they are shown only by market value of exposure. Given that exposure data is based on fund holdings, it excludes unsettled trades. Position level data is obtained from the Fund’s administrator. Blackstone does not guarantee the accuracy of such data.
Prepared by Blackstone Advisory Partners L.P., a member of FINRA and an affiliate of Blackstone Alternative Investment Advisors LLC, the investment adviser of the Fund.