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NEW YORK, Nov 16 (Reuters) - Blackstone Group, which invests client money with William Ackman’s Pershing Square Capital Management, is sticking with the hedge fund manager despite his heavy losses in Valeant Pharmaceuticals International Inc , said Tom Hill, president and chief executive officer of Blackstone Alternative Asset Management.
“Bill Ackman is in a high beta, high volatility bucket,” Hill told the Reuters Global Investment Outlook Summit on Monday in New York on Monday. “So from our standpoint, how do we deal with that? We say, we’re going to make sure that we sized him right. He could be up 50 percent on the year. He could be down 30 percent.”
Follow Reuters Summits on Twitter @Reuters_Summits (Reporting by Jennifer Ablan and Jonathan Stempel)