Blackstone’s McCormick Exits as Co-Head of Hedge Fund Unit

John McCormick, co-head of Blackstone Inc.’s hedge-fund unit, is leaving the firm.

McCormick, 53, resigned his position recently and will depart in the coming months, according to a person familiar with the matter. The unit, Blackstone Alternative Asset Management, will be solely overseen by Joe Dowling.

Dowling was hired in January to co-run the business, which manages about $80 billion, alongside McCormick. He was previously chief executive officer of Brown University’s endowment.

BAAM grew mainly as a business that allocated client capital to hedge funds. The group also has invested in assets directly and in 2014 ...