Blackstone Group adds to Sydney office

The global firm has hired former ING Australia deputy CEO Martin Donnelly to lead its regional hedge fund business.

The Blackstone Group has put in place a second managing director at its Sydney office which officially opened in May last year, according to a statement.

Martin Donnelly joins Philip Levinson in spearheading the firm’s business in the Pacific Rim and Australia. He was formerly deputy chief executive officer at ING Investment Management Australia. Donnelly will be in charge of business development and client relations in the region for Blackstone Alternative Asset Management (BAAM)- the firm’s hedge fund business.

“As investors look both for attractive returns and capital preservation, they are increasingly turning away from traditional investment vehicles to our customized solutions, using uniquely tailored combinations of hedge funds and other proprietary exposures created by BAAM,” said J. Tomilson Hill, Blackstone’s vice chairman and Head of BAAM in the statement.

The Blackstone Group is reportedly among those vying for shopping centre assets owned by Australia Securities Exchange-listed (ASX) Centro Properties, a Real Estate Investment Trust (REIT) with funds under management across Australasia and the US worth $18.6 billion. The company does not directly own shopping centres, but invests in shopping centres via its managed funds.

Blackstone has yet to make an investment in Australia since opening its first office in the country, despite taking part in bids for Australian assets such as hospital operator Healthscope.