Reuters - Blackstone Group Backs Muller’s PDT

Peter Muller, the founder of Morgan Stanley's proprietary trading unit that is being spun off this year as a stand-alone hedge fund, has raised more than $500 million from Blackstone Group LP, Bloomberg reported. Muller started his first fund in July at New York-based PDT Partners LLC, the agency said, citing people familiar with the matter. He is planning a second fund that will begin trading in January with about $1.5 billion, it said.

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