Blackstone Alternative Asset Management, like Goldman Sachs and Neuberger Berman Group, soon will buy minority stakes in hedge fund managers.
Anthony Maniscalco joined the BAAM investment team as managing director to assist in building out the hedge fund stake-taking program, according to a company news release. Mr. Maniscalco also joined the senior management team of the hedge fund solutions business at BAAM, a division of Blackstone Group.
“It is a great time for BAAM to focus on investing in leading alternative investment firms … founder-owners are focusing on equity values and succession planning, and there is little opportunistic capital to underwrite and purchase these ownership interests,” said Greg Hall, senior managing director on the investment team, in the news release.
Spokeswoman Christine Anderson did not return a call seeking more information about Mr. Maniscalco's new role.
Mr. Maniscalco was managing director and head of alternative asset management within BarclaysCapital's financial institutions investment banking division.
