The world’s biggest asset manager, BlackRock Inc. hired Andy Stewart to co-lead the group that runs real estate, hedge fund and private equity fund-of-funds investments. Stewart will share the responsibility with Matthew Botein. Stewart is from the Credit Suisse Group AG.
Stewart, who is 38 years old, will lead the business management and strategic growth of BlackRock Alternative Investors. He will work immediately under President Robert Kapito and CEO Charles Hallac. Botein will also be act as the chief investment officer for alternatives. That category includes assets whose returns are not correlated with traditional stocks and bonds.
“Since establishing BAI in mid-2010 to centralize and advance our alternative-investment efforts, our focus is paying off, with revenues increasing 11 percent in 2012,” Kapito and Hallac said.