Blackstone’s credit and insurance chairman to retire

Blackstone’s chairman of its credit and insurance division, Dwight Scott, is reportedly retiring.

Dwight Scott is leaving the alternative asset manager after 16 years, according to an internal memo seen by Bloomberg.

Last year, Blackstone consolidated a few groups into a combined credit and insurance division, dubbed BXCI, led by Gilles Dellaert.

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Scott became chairman of BXCI and moved to London to help establish the European credit business.

Blackstone chief executive Steve Schwarzman and president Jon Gray said that Scott’s departure was “bittersweet news” in the memo, according to Bloomberg, and acknowledged his role in growing the business.

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Scott joined Blackstone through the acquisition of GSO Capital Partners, an asset manager mainly focused on corporate credit that Blackstone bought to grow its credit business.

Blackstone is aiming to grow its total credit assets to $1tn (£0.78tn) within a decade, as asset managers look to benefit from banks’ retrenchment from lending amid increasingly stricter regulations.

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