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Blackstone, Apollo Name Legal, Compliance Chiefs in Law Shuffle

Aug. 4, 2022, 9:30 AM

Blackstone Inc. and Apollo Global Management Inc. named new compliance and legal leaders for businesses they control as the investment management firms shuffle personnel in their law departments.

William Renahan, a 25-year veteran of the investment management industry who joined Blackstone in May, became chief compliance officer for the Blackstone Private Credit Fund and Blackstone Secured Lending Fund as of Wednesday, the company said in securities filings this week.

Apollo Investment Corp., a publicly traded specialty finance company that announced Aug. 2 a new fee structure and rebranding, said as part of that disclosure that Kristin Hester will succeed Joseph Glatt as chief legal officer and corporate secretary.

Blackstone has been busy bolstering its legal group this year, bringing on roughly a half-dozen former Big Law associates, according to Bloomberg Law data. Apollo has also made changes to its in-house legal and compliance teams, including the hire of former Mintz Levin private funds partner Loretta Shaw-Lorello in February as a managing director and general counsel for fund formation.

Renahan, a managing director at Blackstone, succeeds Marisa Beeney as compliance chief for its private credit and secured lending funds, Blackstone said. Beeney, a senior managing director who has worked at Blackstone for nearly 16 years, will continue to serve as legal chief and corporate secretary for the funds.

Renahan began his career as an associate at a Paul Hastings predecessor. He joined Blackstone after serving as a senior managing director and compliance chief for Duff & Phelps Investment Management Co. and its affiliated funds.

Hester, a former associate at Clifford Chance and Dechert, has been general counsel and assistant secretary for Apollo Debt Solutions since last year, according to a securities filing by the company. She joined Apollo in 2015 and currently serves as the top lawyer for a half-dozen company affiliates.

A managing director and senior counsel at Apollo, Hester will also replace Glatt as legal chief for Apollo Debt Solutions, a business development company with more than $1 billion in assets under management, according to Bloomberg.

Glatt, a former associate at Simpson Thacher & Bartlett and Schulte Roth & Zabel who spent the past decade as the top lawyer for Apollo’s publicly traded arm, is being promoted to a new partner position in Apollo’s US financial institutions group.

An Apollo spokeswoman said Glatt will move out of the company’s legal group, which is led by longtime legal chief John Suydam.

Howard Widra, a senior partner in Apollo’s credit group, in a statement thanked Glatt “for his great work on behalf of the company over the years.”

Apollo co-founder Leon Black retired last year as the company’s top executive following the release of a report by Dechert that found he paid $158 million to disgraced financier and sex offender Jeffrey Epstein for tax advice.

Black is currently appealing the dismissal of a lawsuit he filed against fellow Apollo co-founder Josh Harris, who Black accuses of destroying his reputation.

To contact the reporter on this story: Brian Baxter in New York at bbaxter@bloomberglaw.com

To contact the editors responsible for this story: Chris Opfer at copfer@bloomberglaw.com; John Hughes at jhughes@bloombergindustry.com