Blackstone moves China PE head to oversee Asia wealth unit
Blackstone is moving its head of China private equity investments to oversee private wealth for Asia-Pacific, in a bid by the world’s biggest alternative-asset manager to bolster revenue from rich clients in the region.
Ed Huang, who has also been chief operating officer (COO) for Asia private equity, will take over as head of the region’s wealth division, the company said in a statement Thursday (Oct 12), confirming a Bloomberg News report.
Haide Hong will take on Huang’s previous role and has been named as the head of acquisitions for China. A senior managing director and a 10-year veteran of Blackstone, Hong returned to Asia from London two years ago and will now lead investment efforts in Shanghai. The appointments will take effect Jan 1.
Blackstone has ramped up hiring in the region, seeking to build up its funds by tapping private banks, wealth advisers and family offices. Blackstone’s private wealth business has US$240 billion in assets, nearly a quarter of the firm’s total assets under management.
Huang will help “augment the growth of what we believe is a tremendous opportunity in private wealth across Asia”, said Joan Solotar, Blackstone’s head of global private wealth solutions.
Huang will replace Herbert Suen, who will remain in a senior role to be announced later.
In Asia, the team has seen rapid growth over the last eight years, establishing a presence in major wealth hubs including Tokyo, Hong Kong and Singapore. The alternative investment giant is considering launching a private equity investment trust for wealthy investors in Japan after appointing Susanne Desch as COO of a new PE fund for high-net-worth individuals.
Globally, Blackstone is tapping wealthy individuals to invest in products including its giant real estate investment trust and Blackstone Growth debut fund. While the moves doubled the firm’s assets over the past five years, the US$68 billion Blackstone Real Estate Income Trust was grappling with an increase in investors pulling money, prompting the firm to limit redemption requests since December.
Source: Bloomberg
