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BlueMountain’s Future Is Dimmer After the Hedge Fund Shuttered Its Equity Book

A once rising-star hedge fund seems to have hit a snag. It might be another chapter in the age-old book Bond Managers Struggle When They Try To Do Stocks.

The back story. Last week, Affiliated Managers Group (ticker: AMG) detailed its stake in hedge fund BlueMountain Capital in a filing—a stake it recently wrote down by hundreds of millions of dollars.

AMG...