Big news today out of the world's largest financial services firm™:
After nearly two decades of growing Blackstone Group into the world’s biggest hedge fund investor with some $74 billion in assets, J. Tomilson Hill is passing the baton.
Blackstone has promoted John McCormick to president and chief executive of hedge fund unit Blackstone Alternative Asset Management (BAAM) and Hill will become its chairman, the company told Reuters on Thursday. The change is effective immediately.
Since losing a power struggle to Dick Fuld as co-CEO of Lehman Brothers in the early 90s, Tom Hill has done a pretty good job getting revenge via creating his own success. Hill is a living Blackstone legend and might go down as one of the key players in the history of the hedge fund business. Less a canny market theorist than perhaps the premier talent scout of hedge fund managers, Hill has been a quiet shepherd of prosperity for almost three decades in Steve Schwarzman's fertile valley. The only people that are thought to make more money for or at Blackstone are Steve and Tony, and Hill walks the walk of a Master of the Universe, a bona fide slicked-back-hair-having Wall Street elder statesman.
And as for McCormick? Well, we'll leave that to Steve Schwarzman himself...
“He is very orderly, thoughtful and very, very smart,” Blackstone Chief Executive Stephen Schwarzman said.
So congrats to everyone at BAAM on this brave new tomorrow. Your old boss was an icon, and your new one seems to be really (literally) neat.