Dwight Scott, chairman of Blackstone credit and insurance, is retiring, according to an internal memo sent to all Blackstone employees by Stephen A. Schwarzman, Blackstone’s chairman, and Jon Gray, president and chief operating officer.
“Dwight has been an exceptional leader and colleague, helping dramatically expand and integrate the credit business at Blackstone,” the memo said.
Scott will not be replaced as chairman, and he will remain at Blackstone through the end of September, according to someone familiar with the announcement.
Scott became chairman of the BXCI unit last year when Blackstone integrated its credit and insurance businesses. Specifically, Blackstone combined its corporate credit, asset-based finance and insurance groups into its credit and insurance unit.
That integration also resulted in Gilles Dellaert becoming global head of BXCI.
The memo also noted that “in the last year since we announced the integrated business under Gilles’ leadership, we’ve added over $40B to BXCI’s AUM for a total of $330B, deployed over $45B in capital, and continued to deliver outstanding results for our investors.”
Scott initially joined Blackstone as part of its acquisition of credit manager GSO Capital Partners in 2008.
Blackstone has more than $1 trillion in total assets under management.
