US-based Columbia Management has entered into a strategic initiative with Blackstone Alternative Asset Management to research and develop new investment solutions.

Under the initiative, the investment solutions will be developed by leveraging Columbia’s asset management capabilities and Blackstone’s hedge fund solutions business.

Columbia’s expertise in asset allocation, equity and fixed-income investment management provides investors to meet their specific needs.

In addition, Blackstone’s alternative investment proficiency will further improve Columbia’s capability set.

Bill Landes, deputy head of global multi-asset investment solutions at Columbia Management, said: "Collaboration with Blackstone will enhance Columbia’s already deep product line-up and should allow us to reach even more investors and distribution partners, both domestically and internationally, with a broad set of alternative investment capabilities."

Columbia Management had managed $358bn in assets under management as of 30 September 2014, while Blackstone Alternative Asset Management currently manages $64bn in assets under management.