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Blackstone hires new global co-head for Blackstone Alternative Asset Management

BAAM invests in primarily liquid and semi-liquid investment strategies for institutional and retail investors seeking attractive risk-adjusted returns.

By João Marques Lima

Founder and Editor, The Tech Capital

4 Mins

January 11, 2021 | 11:02 AM GMT

Blackstone (NYSE:BX) has announced that Joe Dowling, the former chief executive officer of Brown University’s Investment Office, has joined the firm as global co-head of Blackstone Alternative Asset Management (BAAM) alongside John McCormick. 

Dowling will oversee BAAM’s investment activities going forward, while McCormick will oversee BAAM’s business and investor functions.

BAAM invests in primarily liquid and semi-liquid investment strategies for institutional and retail investors seeking attractive risk-adjusted returns. 

The alternative asset management arm manages US$78 billion of AUM and is the global market leader in allocating to hedge funds. It has also diversified into newer businesses including special situations, GP stakes, liquid alternatives, and equity capital markets.

Prior to his appointment as CEO overseeing Brown University’s endowment in 2018, Dowling served as the University’s chief investment officer since June 2013. 

He has also served as interim chief financial officer of the University from May 2019 until January 27, 2020, leading all finance and treasury functions and cash and debt management. 

Before joining Brown, he was the founder and chief executive officer of Narragansett Asset Management, where he managed funds for institutions, pension funds and endowments. 

Dowling has also worked for First Boston, Tudor Investments and Oracle Partners. He has a bachelor’s degree and a master’s in business administration from Harvard University.

Stephen A. Schwarzman, Blackstone Chairman, CEO and Co-Founder, said: “Joe’s experience in investing in hedge funds, public equity (particularly in faster growing sectors), commodities and currencies make him an excellent addition to our team. Our ability to attract a world-class investor to co-head BAAM is a testament to the strength of the platform and is wonderful news for our investors.” 

Jon Gray, Blackstone President & COO, said: “We are quite excited to have attracted such a phenomenal investor to Blackstone. Joe has a leading track record in allocating capital, investing directly, and building tremendous teams. John has done an exceptional job of growing the BAAM business with new platforms and strong results.

“We believe that the combination of Joe and John will enable us to expand into new areas and deliver even better returns for our investors, while maintaining our focus on downside risk, a hallmark of BAAM’s business.”

John McCormick, Blackstone Global Co-Head of BAAM, said: “I am delighted to welcome Joe to BAAM. His knowledge of hedge funds, experience managing multi-asset allocations, and background in direct investing make him a perfect fit as my partner.  I am proud of the momentum in BAAM’s business and am excited to see how Joe and I can deliver more for our clients.

“Blackstone is the leader in the hedge fund allocation space. The firm has a reputation for being innovative and at the forefront of new investing opportunities. I look forward to working alongside John and the talented team at BAAM.”

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João Marques Lima

Founder and Editor, The Tech Capital

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