Blackstone Hires Joe Dowling as Global Co-Head of Blackstone Alternative Asset Management (BAAM)

Rhea-AI Summary

Blackstone (NYSE:BX) has appointed Joe Dowling, previously the CEO of Brown University's Investment Office, as Global Co-Head of Blackstone Alternative Asset Management (BAAM). Dowling, who has a strong track record in hedge fund investment and capital allocation, will lead BAAM’s investment activities, joining John McCormick, who oversees business functions. BAAM manages $78 billion in assets and focuses on hedge fund allocations and diversified investment strategies. This leadership change is expected to enhance BAAM's growth and performance, benefiting investors.

Positive

• Appointment of Joe Dowling is expected to bring fresh perspectives and strengthen BAAM's leadership.
• BAAM's diversification into newer businesses could lead to enhanced investment opportunities.
• The leadership change may improve investor returns and operational efficiency.

Negative

• Potential continuity concerns due to the leadership transition.

Blackstone (NYSE:BX) today announced that Joe Dowling, the former Chief Executive Officer of Brown University’s Investment Office, has joined the firm as Global Co-Head of Blackstone Alternative Asset Management (BAAM) alongside John McCormick. Joe will oversee BAAM’s investment activities going forward, while John will oversee BAAM’s business and investor functions.

BAAM invests in primarily liquid and semi-liquid investment strategies for institutional and retail investors seeking attractive risk-adjusted returns. BAAM manages $78 billion of AUM and is the global market leader in allocating to hedge funds. It has also diversified into newer businesses including special situations, GP stakes, liquid alternatives, and equity capital markets.

Stephen A. Schwarzman, Blackstone Chairman, CEO and Co-Founder, said: “Joe’s experience in investing in hedge funds, public equity (particularly in faster growing sectors), commodities and currencies make him an excellent addition to our team. Our ability to attract a world-class investor to co-head BAAM is a testament to the strength of the platform and is wonderful news for our investors.”

Jon Gray, Blackstone President & COO, said: “We are quite excited to have attracted such a phenomenal investor to Blackstone. Joe has a leading track record in allocating capital, investing directly, and building tremendous teams. John has done an exceptional job of growing the BAAM business with new platforms and strong results. We believe that the combination of Joe and John will enable us to expand into new areas and deliver even better returns for our investors, while maintaining our focus on downside risk, a hallmark of BAAM’s business.”

John McCormick, Blackstone Global Co-Head and Chief Investment Officer of BAAM, said: “I am delighted to welcome Joe to BAAM. His knowledge of hedge funds, experience managing multi-asset allocations, and background in direct investing make him a perfect fit as my partner. I am proud of the momentum in BAAM’s business and am excited to see how Joe and I can deliver more for our clients.”

Joe Dowling, Blackstone Global Co-Head and Chief Investment Officer of BAAM, said: “Blackstone is the leader in the hedge fund allocation space. The firm has a reputation for being innovative and at the forefront of new investing opportunities. I look forward to working alongside John and the talented team at BAAM.”

Prior to his appointment as Chief Executive Officer overseeing Brown University’s endowment in 2018, Mr. Dowling served as the University’s Chief Investment Officer since June 2013. Under his leadership, Brown led the Ivy League’s and other peer institutions in performance over 1,3, 5 and 7 years. Mr. Dowling also served as interim Chief Financial Officer of the University from May 2019 until January 27, 2020, leading all finance and treasury functions and cash and debt management. Before joining Brown, he was the founder and chief executive officer of Narragansett Asset Management, where he managed funds for institutions, pension funds and endowments. Mr. Dowling has also worked for First Boston, Tudor Investments and Oracle Partners. He has a bachelor’s degree and a master’s in business administration from Harvard University.

About Blackstone

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $584 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210111006056/en/

FAQ

Who is Joe Dowling and what is his role at Blackstone?

Joe Dowling is the new Global Co-Head of Blackstone Alternative Asset Management, overseeing investment activities.

What experience does Joe Dowling bring to Blackstone?

Joe has a strong background in hedge funds, public equity, and capital allocation, previously serving as CEO of Brown University's Investment Office.

What is the impact of Joe Dowling's appointment on Blackstone's BAAM?

His appointment is expected to enhance leadership, improve investor returns, and expand into new investment areas.

How much does BAAM manage in assets?

BAAM manages $78 billion in assets, focusing on hedge fund allocations and diversified investment strategies.

What are the primary investment strategies of BAAM?

BAAM invests in liquid and semi-liquid strategies aimed at providing attractive risk-adjusted returns.