Key Takeaways
- • Blackstone (NYSE: BX) hired David Ben-Ur as Chief Investment Officer of BAAM's hedge fund solutions business (BPS), which manages approximately $60 billion of the $81 billion in BAAM assets.
- • Atish Nigam joined as Chief Investment Officer of BAAM's special situations investing business (BSOF), a platform with over $13 billion in assets.
- • BAAM agreed on preliminary terms to manage the assets of CAM Capital, the family office of hedge fund pioneer Bruce Kovner.
- • Both executives will start at Blackstone at the beginning of 2022.
Summary
Blackstone announced on December 9, 2021 that David Ben-Ur and Atish Nigam have joined the firm in senior leadership roles within its Blackstone Alternative Asset Management (BAAM) business, according to a Business Wire release. Ben-Ur will serve as Chief Investment Officer of BPS, BAAM's hedge fund solutions business, while Nigam will serve as Chief Investment Officer of BSOF, the special situations investing business. Both will start at the firm at the beginning of 2022.
BPS was launched in 1990 and is described by Blackstone as the largest discretionary allocator to hedge funds in the world, managing approximately $60 billion of assets out of BAAM's total of $81 billion. The business includes both a commingled fund business and a customized solutions business. The BSOF platform was launched in 2011 and has over $13 billion of assets across customized, commingled and co-investment solutions.
In conjunction with Ben-Ur's hire, Blackstone also said BAAM agreed on preliminary terms to manage the assets of CAM Capital, the family office of Bruce Kovner. Jon Gray, Blackstone President and COO, said the announcements demonstrate "the tremendous momentum we have in BAAM" and described Ben-Ur and Nigam as investors with strong, risk-adjusted track records. Joe Dowling, Blackstone Global Head of BAAM, said the two executives would be key leaders and that their experience and networks would help the firm support more managers across asset classes and investing styles.
Ben-Ur joins from CAM Capital, where he was Chief Investment Officer and managed assets exclusively for Kovner-related entities and senior employees, and also served as CIO of The Kovner Foundation. Previously he was a Partner and Co-Chief Investment Officer at Corbin Capital Partners and has worked at Goldman Sachs Asset Management and Fidelity Management & Research Company. Nigam joins from Appaloosa Management, the firm run by David Tepper, where he was a senior analyst and investor for nearly a decade. He has prior experience at SAC Capital, FTV Capital and McKinsey & Company and is a CFA charterholder.
BPS was launched in 1990 and is described by Blackstone as the largest discretionary allocator to hedge funds in the world, managing approximately $60 billion of assets out of BAAM's total of $81 billion. The business includes both a commingled fund business and a customized solutions business. The BSOF platform was launched in 2011 and has over $13 billion of assets across customized, commingled and co-investment solutions.
In conjunction with Ben-Ur's hire, Blackstone also said BAAM agreed on preliminary terms to manage the assets of CAM Capital, the family office of Bruce Kovner. Jon Gray, Blackstone President and COO, said the announcements demonstrate "the tremendous momentum we have in BAAM" and described Ben-Ur and Nigam as investors with strong, risk-adjusted track records. Joe Dowling, Blackstone Global Head of BAAM, said the two executives would be key leaders and that their experience and networks would help the firm support more managers across asset classes and investing styles.
Ben-Ur joins from CAM Capital, where he was Chief Investment Officer and managed assets exclusively for Kovner-related entities and senior employees, and also served as CIO of The Kovner Foundation. Previously he was a Partner and Co-Chief Investment Officer at Corbin Capital Partners and has worked at Goldman Sachs Asset Management and Fidelity Management & Research Company. Nigam joins from Appaloosa Management, the firm run by David Tepper, where he was a senior analyst and investor for nearly a decade. He has prior experience at SAC Capital, FTV Capital and McKinsey & Company and is a CFA charterholder.
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