BlackRock Adds Alts. Exec., Cuts Direct P.E.

Mar 26 2013 | 11:56am ET

BlackRock is boosting its alternative investments unit even as it closes a direct private-equity division after two years.

The world's largest money manager named Andy Stewart co-head of its hedge fund and p.e. division, which manages $110 billion. Stewart, who joins from Credit Suisse, will work alongside current head Matt Botein, who was also named chief investment officer for alternatives.

Stewart will focus on operations and business development and Botein on investment performance and oversight.

But BlackRock is bidding farewell to the direct p.e. team it hired from Merrill Lynch in 2011. The heads of that business, Nathan Thorne, George Bitar and Mandy Puri will leave the firm.

"We had a very strong direct private equity team, but given our clients are looking to us for other fund of fund solutions, we are going to transition out of the direct p.e. business," BlackRock spokesman Brian Beades said.

Stewart was most recently head of liquid alternatives at Credit Suisse, and is a former U.S. president and chief operating officer at Man Investments.


In Depth

Q&A: Filippo Pignatti Morano On The Ultimate Alternative Investment...Classic Cars

Jan 29 2015 | 12:37pm ET

In 2011, Filippo Pignatti Morano launched a fund to invest in classic cars. FINalternatives...

Lifestyle

Looking For A Hedge Fund Manager? Try Davos

Jan 28 2015 | 8:48am ET

Davos, Switzerland seems to have become the hedge fund capital of the world—at...

Guest Contributor

Five Tips For Successfully Marketing Your Hedge Fund

Jan 30 2015 | 9:14am ET

When it comes to the hedge fund industry, the notion of “build it and it will...

 

Editor's Note