(Bloomberg) — Three Blackstone Inc. managing directors resigned following leadership changes at the firm’s hedge fund solutions group, according to people with knowledge of the matter.
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Rakesh Kumar, the head of trading at Blackstone Alternative Asset Management’s special situations investing group, is set to join Point72 Asset Management, said the people, who asked not to identified discussing the move. Prior to joining Blackstone in 2018, he held roles including head trader at Valinor Management and as global head of execution at Magnetar Capital, according to his LinkedIn profile.
BAAM’s Greg Bilse and Eric Bilmes also resigned, some of the people said. Bilse, an alum of Deutsche Bank and Oak Pension Asset Management, the investment division of Barclays Pension Fund, focused on hedge fund manager selection and event-oriented situations. Bilmes, who worked at HBK Capital Management before Blackstone, was a member of the special situations investing group.
Kumar, Bilse and Bilmes are subject to garden leave, the people said. The executives didn’t respond to requests for comment. A Point72 representative declined to comment.
The resignations follow Blackstone’s December appointments of David Ben-Ur as chief investment officer of hedge fund solutions and Atish Nigam as chief investment officer of special situations investing.
BAAM is solely led by Joe Dowling, following the departure of former co-head John McCormick.
“Joe is a world-class investor,” a Blackstone spokeswoman said in a statement Wednesday. “Under his leadership, BAAM last year had its most successful year ever and welcomed a number of key senior hires.”
Blackstone’s hedge fund solutions arm recorded $11.9 billion in inflows last year and had $81.3 billion in assets under management as of Dec. 31
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