Blackstone President Signals It Will Do More Bank-Asset Deals

Blackstone Inc. is embracing its new role as a capital provider to Wall Street after sealing a half-dozen deals with banks involving about $7 billion worth of assets.

President Jon Gray disclosed the numbers Wednesday at the Goldman Sachs US Financial Services Conference and signaled the firm expects those kinds of deals to lighten bank balance sheets.

“We think that area will continue to grow,” he said.

In a typical deal with banks, an alternative asset manager takes a stake in a pool of loans that could include everything from home improvement to equipment loans. The transaction frees up banks’ ...