Blackstone’s co-head of hedge fund unit McCormick to leave firm -sources
The ticker and buying and selling data for Blackstone Group is displayed on the submit the place it’s traded on the ground of the New York Inventory Trade (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Picture
BOSTON, Oct 25 (Reuters) – John McCormick, who has led Blackstone Group’s $81 billion hedge fund unit since 2018, plans to depart the agency, two sources mentioned on Monday.
Because the world’s largest hedge fund investor, Blackstone backs new hedge funds, invests alongside hedge funds, buys majority stakes in them and provides internally run hedge funds to shoppers like pension funds and international governments.
A Blackstone consultant didn’t instantly reply to a request for remark.
McCormick instructed the agency of his plans to depart final week and plans to remain on for a time to make sure a easy transition, the sources mentioned.
Since McCormick took the helm of Blackstone’s Hedge Fund Options unit referred to as BAAM in January 2018 all companies have expanded.
In January Blackstone employed Joe Dowling, a former endowment chief at Brown College, to work alongside McCormick as co-head of BAAM.
The Wall Road Journal first reported information of McCormick’s departure.
McCormick, who has labored at Blackstone for practically 17 years, is the most recent senior government to announce plans to depart the storied personal fairness agency’s hedge fund unit. Within the final months Gideon Berger, who led its funds-of-funds enterprise; Brett Condron, who was head of particular person investor options; and Scott Soussa, who headed the hedge fund and personal fairness stakes enterprise, have departed.
In January 2018 Blackstone promoted McCormick, who got here to Blackstone from McKinsey & Co, to interchange Tom Hill, who had spent practically 20 years rising Blackstone into the world’s largest hedge fund investor.
Reporting by Svea Herbst-Bayliss, Enhancing by Franklin Paul and Mark Porter
:
