(Bloomberg) -- Dwight Scott, who helped build Blackstone Inc.’s credit operation into a $330 billion behemoth, is retiring from the firm, according to an internal memo seen by Bloomberg.
Scott, 61, came to Blackstone in 2008 through its acquisition of GSO Capital Partners, an asset-management firm that jumpstarted its credit business.
Last year, Blackstone consolidated a few groups, including credit, under one chain of command. That decision promoted Gilles Dellaert to lead the combined unit, now known as Blackstone Credit and Insurance, or BXCI. Scott became chairman of BXCI and moved to London to help build the European credit arm.
Blackstone Chief Executive Officer Steve Schwarzman and President Jon Gray described Scott’s departure as “bittersweet news” in the memo and credited him with helping nurture and expand the business into what it is today.
When he joined Blackstone, GSO had just $10 billion under management and was mostly focused on corporate credit. Now, BXCI’s remit also includes asset-based lending, sustainable resources, infrastructure debt, collateralized loan obligations and direct lending, some of which it manages for insurance companies.
Blackstone aims to grow total credit assets to $1 trillion within a decade in a fiercely competitive environment, where alternative asset managers are jockeying for market share as banks cede their lending position. The firm is especially known for courting retail investors with products such as Blackstone Private Credit Fund, or BCRED.
Scott was part of GSO at its inception in 2005. He took over day-to-day responsibilities for the credit unit in 2017 in the lead-up to the departure of Bennett Goodman — the “G” from GSO, and last of its three founders to leave the firm.
Before his GSO days, Scott had been a managing director at the investment bank Donaldson, Lufkin & Jenrette, according to Blackstone’s website.
--With assistance from Dawn Lim.
(Adds photo of Scott.)
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