Blackstone said to have 'spoken' to around 75 traders

For Hire

Blackstone Group, already the largest investor in hedge funds, is signing on a team of three traders for the first such fund that it will manage directly, according to two people with knowledge of the plans.

Bloomberg News reports that the team will manage about $500m of client capital and borrowed money to make bets on and against stocks starting this year, said the people, who requested anonymity because the impending hirings haven’t been announced. Blackstone has spoken with about 75 traders to add more strategies for its hedge fund, the people said, without identifying how many the firm plans to hire.

Blackstone, which until now has focused on investing in third-party funds and taking stakes in hedge-fund managers, is seeking to attract talent as startups struggle to win money amid lackluster returns. The firm has considered creating its own teams of traders for about a year and a half, according to one of the people, and has been slow to identify and attract them because it wants top talent and has to negotiate novel terms for the teams, which won’t be employees of Blackstone yet will manage money exclusively for the firm.

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Blackstone Said to Sign on Three Traders for Hedge Fund

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