Blackstone hires former Goldman partner for its hedge fund unit

FILE PHOTO: FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange
FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid

May 5, 2021

By Svea Herbst-Bayliss

BOSTON (Reuters) – Private-equity company Blackstone Group Inc said on Tuesday it has hired a Goldman Sachs Group Inc partner to head client services and business development around the world for its hedge fund unit.

Paget MacColl will join as Global Head of Blackstone Alternative Asset Management’s (BAAM) Institutional Client Solutions. Blackstone’s hedge fund unit invests $82 billion for pension funds and other institutional investors by buying stakes in investment firms, seeding new managers, and offering access to managers. It is the world’s biggest hedge fund investor.

MacColl takes over the position from Olivier Meyohas who is moving into a broader business development role at Blackstone.

In her new role, MacColl will be introducing clients to products like the new Blackstone Horizon platform which will aim to deliver big returns by investing with fund managers targeting fast-growing public and private companies.

“Paget is a talented executive with experience marketing the investment solutions that BAAM has to offer to investors around the world. She brings a diverse range of skills, relationships and experiences and will be a critical leader within BAAM,” John McCormick, Global Co-Head of BAAM, said in a statement.

MacColl joined Goldman after graduating from Princeton University and has worked there for nearly 22 years. Most recently she was co-head of the Americas Institutional Client Business within Goldman’s Asset Management unit.

MacColl is the latest in a string of Goldman partners to leave the investment bank as others have departed for a family investment office, hedge fund, and private equity firm over the last months.

(Reporting by Svea Herbst-Bayliss in Boston; Editing by Matthew Lewis)