October 23, 2019 / 7:38 PM / a month ago

Blackstone special situations executive Geiling leaves firm -sources

BOSTON, Oct 23 (Reuters) - A senior Blackstone Group executive who oversaw special situations investments at the private equity giant's hedge fund unit Blackstone Alternative Asset Management, has left the firm, two people familiar with the matter said.

Greg Geiling was a senior managing director and Head of the Hedge Fund Solutions Special Situations Investing Group, which oversees the Blackstone Strategic Opportunity fund.

He resigned from Blackstone earlier this year and left the firm last week, the sources said. It could not be learned which firm he plans to join next.

Geiling declined to comment, as did Blackstone.

During his nine years at Blackstone, Geiling, 47, helped launch the Strategic Opportunity fund, which invests more than $10 billion on behalf of public and private pensions and sovereign wealth funds.

The fund made waves in the hedge fund industry by investing alongside some of the industry's best known hedge fund managers in their best ideas.

Hedge funds are often unable to super-size their favorite investments because such big bets could overstep their own risk requirements. Big investors liked the idea of putting money to work in this way and have allocated cash to the Blackstone fund which has largely made credit-oriented bets and put money into private, less liquid investments over the years.

Geiling joined Blackstone in early 2011 after having worked for prominent macro investor Stanley Druckenmiller's Duquesne Capital hedge fund.

Since early 2018, Blackstone has made some changes to its most senior ranks. Jon Gray, the firm's former real estate chief, was promoted to president in 2018 and John McCormick took over the reins at the hedge fund unit, which invests more than $80 billion, from long-time chief Tomilson Hill last year. (Reporting by Svea Herbst-Bayliss; Editing by David Gregorio)

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