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The Blackstone Group is drastically scaling back its planned Asia-focused event-driven hedge fund.

The alternative investments giant originally planned for an almost $1 billion fund. But the fund will now launch early next year with around $200 million, the Wall Street Journal  reports.

The Blackstone fund, renamed Blackstone A.M.N. Advisors from Blackstone Altius Advisors, will wrap up its first round of fund raising at $200 million, the paper said, citing one of the people familiar with the situation.

The 'event-driven' Blackstone fund is headed by Aaron Nieman, who joined from S.A.C. Capital Management LLC earlier this year, the paper said.

The fund, Blackstone A.M.N. Advisors, is to make 'even-driven' investments such as stocks in distress or potentially benefiting from mergers or takeovers.Sovereign wealth fund China Investment Corp has a 12.5 pct stake in Blackstone.

Blackstone has hired a team of 11 analysts focusing on Greater China, South Korea, India and Japan for the fund.

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