Blackstone adds global co-head for hedge fund group

Joe Dowling, the former chief executive officer of Brown University’s Investment Office, has joined Blackstone as global co-head of Blackstone Alternative Asset Management alongside John McCormick. Dowling, who left Brown CEO post in mid-2020, will oversee BAAM’s investment activities going forward while McCormick will oversee the now $78 billion fund of hedge fund group’s business and investor functions. “Joe’s experience in investing in hedge funds, public equity (particularly in faster growing sectors), commodities and currencies make him an excellent addition to our team,” said Stephen Schwarzman, Blackstone Chairman, CEO and co-founder. “Our ability to attract a world-class investor to co-head BAAM is a testament to the strength of platform and is wonderful news for our investors.” The world’s largest investor in hedge funds, BAAM has diversified into newer businesses including special situations, GP stakes, liquid alternatives and equity capital markets. “I am delighted to welcome Joe to BAAM,” said McCormick, Blackstone Global co-head and chief investment officer of BAAM said. “His knowledge of hedge funds, experience managing multi-asset allocations, and background in direct investing make him a perfect fit as my partner.” Prior to being appointed CEO overseeing Brown University’s endowment in 2018, he was the chief investment officer beginning in 2013. In addition, from May 2019 through January 2020 he also served as interim CFO of the entire university. Brown University had a strong fiscal year 2020 with gains of 12% for the year ending June 30, 2020, which outperformed other Ivy League endowment funds. According to an analysis compiled by Markov Processes International, hedge funds likely had a role to play. The hedge fund portfolio makes up 35% of the overall endowment. The program reportedly has holdings in niche offerings from Atreides Management LP, Melvin Capital Management and Skye Global Management. By comparison Yale and other Ivy League endowments have similar although smaller allocations in the neighborhood of 20-25%. Before Brown, Dowling was the founder and CEO of Narragansett Asset Management. “Blackstone is the leader in the hedge fund allocation space,” said Dowling. “The firm has a reputation for being innovative and at the forefront of new investing opportunities. I look forward to working alongside John and the talented team at BAAM.”

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