The BT Financial Group is winding up its Advance Alternatives Strategies Multi-Blend Fund. Ramius Alternative Solutions, the US hedge fund of funds manager, will manage the exit until the fund is wound up and money returned to clients.

In last week’s edition of Investor Strategy News we said Ramius was to be terminated and the funds transferred to GMO. We accept that GMO has not been considered as a new manager in the various BT Financial Group alternatives funds and strategies, which total about $3.2 billion.

The small alternatives ‘multi-blend’ fund was terminated on June 14. Ramius and Advance, the BT Financial Group subsidiary, are joint managers of the fund.

A BT Financial Group spokesperson said: “Our working relationship with Ramius on our alternative assets strategy was not terminated in favour of GMO. Nor are we [in] discussions with GMO at this time.”