Blackstone hires Citi banker for credit role
Blackstone has hired Citigroup’s former global head of investment banking to lead client relations for its credit and insurance unit.
The alternative asset manager has appointed Tyler Dickson in the new role, according to a report in Bloomberg.
He will oversee Blackstone’s credit team that maintains relationships with institutional investors such as insurers, pension funds and sovereign wealth funds.
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Dickson will report to Gilles Dellaert, global head of Blackstone Credit and Insurance.
In an interview with Bloomberg, Dellaert said that the new role brings together all client relationships under one person, including for fundraising, capital formation and partnering on origination of new transactions.
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“We’ve pivoted our business from selling one drawdown fund at a time to sitting with clients and saying, ‘Look, we’re open architecture, we can do public to private, non-IG to IG, and anything in between. Where do you have a need in your portfolio?’” Dellaert said.
Many alternative asset managers are growing their credit arm to tap into lucrative returns and diversify their investors’ portfolios.
Blackstone’s credit and insurance business is the firm’s fastest growing segment, currently managing around $330bn (£258bn) of assets.
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