John P. McCormick will succeed J. Tomilson Hill as president and chief executive of Blackstone Alternative Asset Management (BAAM.) Hill will step back from the day-to-day operations and transition to a new role as chairman of BAAM, maintaining strong investor relationships and providing strategic advice to the senior management team. He will also remain active in minority interest investments in hedge funds.
Stephen A. Schwarzman, Blackstone’s chairman, chief executive and co-founder, said: “During Tom’s 25 years at Blackstone, he took our hedge fund solutions business from being a less than $1 billion business when he assumed responsibility in 2000, and built it into the world’s largest discretionary investor in hedge funds with more than $75 billion in assets under management today. I personally thank him for the many years of leadership and support he has provided BAAM and our firm more broadly.” As a firm, Blackstone currently has $385 billion in assets under management in alternative investment strategies.
During his 40-year career, Hill was president and chief executive of BAAM since 2000, and became the firm’s vice chairman in 2007.
Hill said: “I’m incredibly proud of the success of Blackstone and BAAM, and immensely proud of our team. I am thrilled that John McCormick will transition to the president and CEO role. He is one of our long-time, stand-out leaders and has been an integral part of the success of BAAM.”
McCormick, 50, has been with BAAM since 2005, most recently as senior managing director and head of global business strategy for the hedge fund solutions group. He has overall responsibility for global marketing and client services functions in addition to overseeing its Liquid Alternatives, GP Stakes, and hedge fund seeding businesses.
On the appointment of McCormick, Schwarzman said: “In his 13 years at Blackstone, he has played an integral role in determining the strategy of our hedge fund business and helped to spearhead multiple new business initiatives. Transitions like these speak to the depth of talent across the firm and the way the firm plans for the future.”
McCormick said: “It is a privilege to be appointed to lead BAAM. This opportunity is extremely exciting for me, and I look forward to working with Blackstone’s senior management and BAAM’s talented team to continue building on Tom’s substantial legacy.”
McCormick’s 25-year career includes senior level strategy roles at McKinsey & Co., time as an attorney with Davis Polk & Wardwell, and serving the US Department of the Treasury. He received a Bachelor of Arts from Vassar College and a JD from Yale Law School.