Blackstone’s Blitzer Hands Reins of $37 Billion Unit to James

A changing of the guard is underway at a key Blackstone Inc. business.

Billionaire dealmaker David Blitzer, 55, is scaling back his role to become chairman. He’ll cede day-to-day management of the firm’s $37 billion “Tactical Opportunities” unit to his top lieutenant, Chris James. The firm told investors about the moves Tuesday.

Chris James

Source: Blackstone

Blitzer, a fast-talking and blunt dealmaker who has built his own sports empire, is a cultural mainstay at Blackstone, the world’s biggest alternative asset manager.

He has led Tac Opps, which invests across strategies that don’t fit neatly within equity or credit, since its founding ...