Blackstone plans to close a fund that exposes investors to a variety of hedge funds and trading strategies after assets fell almost 90% in four years, the company told Reuters on Tuesday.

The story first appeared in the Financial Times.

The U.S.-based asset manager said it had informed clients after it decided in October that its Blackstone Diversified Multi-Strategy fund would close at the end of the year.

The fund, which represents a 0.5% portion of Blackstone’s hedge fund operation, reported a 2% decline in returns from the beginning of 2020 until the end of last month, the company confirmed.

“This is a small, legacy fund of around $200 million,” a Blackstone spokesperson said in an emailed statement. The statement said that since hiring new leadership in 2021, Blackstone’s fund had outperformed an average global stock and bond portfolio, returning 4.5% to investors, compared with a loss of 4.6% on an average so-called 60/40 portfolio.

“We are in talks with clients to move their capital to newer strategies that offer greater flexibility than the current structure allows,” Blackstone said.

The fund employs a European legal structure called Ucits – Undertakings for Collective Investment in Transferable Securities – which allows retail investors access, but also restricts the amount of risk the fund can undertake.