Doug Ostrover will step down as a senior managing director of alternative investment firm Blackstone Group and will become a senior adviser, spokesman Peter Rose said in an e-mail.
Mr. Ostrover was a co-founder of GSO Capital Partners, Blackstone’s $75 billion alternative credit business. Blackstone acquired GSO in 2008. Mr. Ostrover plans to start a family office.
Mr. Ostrover will not be replaced; his duties will be split among other senior executives.