(Bloomberg) -- Blackstone Inc. is losing another member of its hedge fund solutions group, adding to a string of departures that followed leadership changes at the unit.
Michael Pierog, head of Blackstone Alternative Asset Management’s hedge fund seeding business, is the latest managing director to leave. Pierog joined Blackstone in 2013 from Barclays Plc and earlier worked at Davidson Kempner Capital Management.
Blackstone will promote managing director Brian Snider to succeed Pierog, spokeswoman Paula Chirhart said in a statement. Pierog didn’t reply to a phone message seeking comment.
Several executives have left since the December appointments of David Ben-Ur as chief investment officer of hedge fund solutions and Atish Nigam as CIO of special situations investing. New York-based managing directors Tej Arora and Katherine Chan resigned earlier this year, joining Rakesh Kumar, Greg Bilse and Eric Bilmes.
The firm also has been hiring for the group, recently adding Mitch Golden, who joined after leaving David Einhorn’s Greenlight Capital last year to start his own firm.
The alternative asset management unit is run by Joe Dowling, who took over sole leadership following the departure of former co-head John McCormick. The hedge fund solutions arm, with $81.3 billion of assets under management as of Dec. 31, recorded $11.9 billion of inflows last year.
“BAAM is coming off one of its best performance years in 2021 and has continued the trend with positive performance in 2022,” Chirhart said in the statement.
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