Second sub-prime investor calls in Blackstone

Troubled Australian hedge fund Basis Capital has appointed US alternatives firm and financial advisor The Blackstone Group to help restructure its investments in sub-prime mortgage securities.

Basis Capital, which has more than A$2bn (€1.3bn) of assets under management, last week delayed publication of the valuation of its yield alpha and Pac-rim opportunity funds amid reports it had made losses in sub-prime mortgages.

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