John P. McCormick was named president and CEO of Blackstone Alternative Asset Management, succeeding J. Tomilson Hill.
Mr. McCormick retains his current role of senior managing director and head of global business strategy at BAAM, overseeing global marketing, client service and the firm's liquid alternatives, minority hedge fund stakes and seeding businesses, said Christine Anderson, a Blackstone spokeswoman.
Mr. McCormick joined BAAM in 2005.
Mr. Hill assumed the new role of chairman of Blackstone's customized hedge fund solutions business, stepping back from oversight of day-to-day operations but remaining active in client and hedge fund manager relationship management and as an adviser to senior management. He remains vice chairman of Blackstone Group and a member of the company's board of directors and management committee. He joined Blackstone Group in 1992.
“During Tom's 25 years at Blackstone, he took our hedge fund solutions business from being a less than $1 billion business when he assumed responsibility in 2000 and built it into the world's largest discretionary investor in hedge funds with more than $75 billion in assets under management today,” said Stephen A. Schwarzman, Blackstone's CEO, chairman and co-founder, in a news release.
Regarding Mr. McCormick's appointment, Mr. Schwarzman said: “In his 13 years at Blackstone, he has played an integral role in determining the strategy of our hedge fund business and helped to spearhead numerous new initiatives.”
Blackstone Group has more than $385 billion in assets under management in alternative investment strategies.