Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Blackstone’s King of Hedge Funds Shakes Up Its Lagging Business

July 13, 2022, 11:25 AM

When Blackstone Inc. recruited Ivy League endowment manager Joe Dowling to make its lumbering hedge fund division more competitive last year, it took pains to minimize any appearance of drama.

Within a year, Dowling’s co-head atop the unit left. So, too, have other senior staff, by choice or pushed out, as Dowling made big hires. Clients including pensions noticed all the turnover, and some have raised questions.

What’s afoot is an effort by a new generation of Blackstone leaders to overhaul an $80 billion corner of the firm that has long operated in the shadows of its gargantuan private equity ...