Blackstone hires senior executives for its hedge fund unit


Signage is visible outside the Blackstone Group’s corporate headquarters in Manhattan, New York, United States on November 12, 2021. REUTERS / Andrew Kelly

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NEW YORK, Dec.9 (Reuters) – Blackstone Group (BX.N) has hired two executives who previously worked with billionaire investors Bruce Kovner and David Tepper for leading investment positions in the hedge fund unit of 81 billion dollars from the company, the company said Thursday.

David Ben-Ur, who managed the Kovner family’s money, will join as chief investment officer of the unit’s hedge fund solutions business. Atish Nigam, who worked for Appaloosa Management, Tepper’s hedge fund, will become the investment director of the special situations investing activity of the hedge fund unit.

The pair will join New York-based Blackstone in early 2022 and work for Joe Dowling, who heads Blackstone’s hedge fund business known as BAAM.

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“Our mission is to deliver exceptional performance and it is highly qualified investors who will help us to achieve this,” Dowling told Reuters.

Dowling, a former head of staffing at Brown University, came to Blackstone this year and recruited staff as a number of Blackstone’s senior executives left the company.

The new hires “demonstrate the tremendous momentum we have at BAAM,” said Jon Gray, President and COO of Blackstone. “David and Atish are exceptional investors with an excellent track record of managing funds and delivering strong, risk-adjusted returns throughout market cycles. “

Ben-Ur was Director of Investments at CAM Capital where he managed the assets of Kovner who founded hedge fund Caxton Associates in 1983. Prior to that he was Co-Director of Investments at Corbin Capital and started his career at Fidelity Investments.

CAM Capital and Blackstone have also agreed to preliminary conditions to manage the assets of CAM Capital.

Nigam was a senior analyst at Tepper’s Appaloosa, a hedge fund that now primarily manages Tepper’s personal wealth.

Blackstone’s BAAM unit is on track to post its best year, with revenues and profits surpassing last year’s records and assets at an all-time high. Blackstone’s fund of funds portfolio, BAAM Principal Solutions, has gained 12.2% in the past 12 months, overtaking the hedge fund industry which has gained 8.9%.

But the unit also experienced a turnover. Ben-Ur will replace Gideon Berger, who left the company earlier this year, while Nigam will replace Min Htoo who will leave at the end of the year.

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Reporting by Svea Herbst-Bayliss; Editing by Cynthia Osterman

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