Blackstone to Enter Long/Short Equity Investment Business.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The Blackstone Group today announced that Manish Mittal has joined Blackstone as a Senior Managing Director and Chief Investment Officer to lead a new long/short equity Long/Short Equity A hedge fund strategy that involves buying certain stocks long and selling others short. There usually isn't a restriction on the country that the stocks trade in either. investment strategy. Mr. Mittal joins Blackstone from Perry Capital, where he was a Managing Director. He spent the last two and a half years at Perry leading a team of professionals that were responsible for managing a portfolio concentrated in equities and, to a lesser extent, commodities. Prior to that he worked as a portfolio manager at Kingdon Capital Management and SAC Capital Advisors. Mr. Mittal started his career as a private equity analyst at Goldman Sachs. Stephen A. Schwarzman Stephen A. Schwarzman (born 14 February 1947) is the Chairman and co-founder of the Blackstone Group private-equity firm. Early life and education Schwarzman attended the Abington School District in suburban Philadelphia and graduated from Abington Senior High School. , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of The Blackstone Group said: "Blackstone has spent a significant amount of time and effort searching for the right manager to spearhead our effort into the long/short equity space and we believe our effort and patience in that regard have been well-rewarded in identifying and partnering with Manish. He developed an excellent reputation as well as a track record of consistent investing success during the last 10 years he has been with Kingdon, SAC and Perry. I am confident that, in conjunction with Blackstone's established platform and his utilization of the shared knowledge of our various alternative asset management businesses, meaningful synergies will be realized that will enable Manish to achieve a leading position for Blackstone in this asset class." Mr. Mittal added: "I am very enthusiastic about joining a renowned leader in the alternative asset arena and to be working with such a quality team of professionals. Blackstone's reputation, insights and strong relationships in its various businesses coupled with the experience I have investing in the public markets provides an extremely solid foundation for what I believe will be a rewarding future for the business we are creating." About The Blackstone Group The Blackstone Group, a leading investment and advisory firm with offices in New York, Atlanta, Boston, Los Angeles, London, Hamburg, Paris, and Mumbai, was founded in 1985 and has raised over $55 billion for alternative asset investing. Blackstone's core businesses include private equity investing, private real estate investing Real estate investing involves the purchase of real estate for profit. Profits are accumulated slowly by renting out properties in a cashflow method, or are generally improved and resold for a capital gain. , corporate debt investing, distressed securities Distressed Securities A company that is currently going through hard times and, as a result, the market value of its securities or assets fall substantially in value. Notes: These securities then become attractive to bottom fishers or vultures. investing, marketable asset management, corporate advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal and restructuring advisory services. http://www.blackstone.com |
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