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Blackstone (NYSE:BX) today announced that it has hired Michael Hovey as a Senior Managing Director to lead acquisitions and strategic partnerships for Blackstone Insurance Solutions ("BIS"). Mr. Hovey joins Blackstone from Morgan Stanley, where he was a Managing Director and most recently served as Co-Head of Insurance Investment Banking for North America. Inclusive of his nearly 17-year tenure with Morgan Stanley, Mr. Hovey brings over 23 years of insurance investment banking experience.
Mr. Hovey will be responsible for leading BIS’s investments, strategic partnerships and other transactions with insurance companies. He will report to Gilles Dellaert, Global Head of Blackstone Insurance Solutions. In total, Blackstone manages more than $60 billion in assets for insurance companies.
Gilles Dellaert, Global Head of Blackstone Insurance Solutions, said: "We’re thrilled to have Michael join Blackstone Insurance Solutions. As we continue to evaluate new investment opportunities in the insurance sector, having an individual with Michael’s deep experience, expertise and relationships will be a critical resource to our team."
David Blitzer, Global Head of Blackstone Tactical Opportunities, said: "We’re excited to have a leader of Michael’s caliber on our insurance team. We see significant opportunities for continued growth ahead for our insurance business, and he will be a key part of that effort."
Michael Hovey added: "Blackstone’s ability to deliver flexible capital solutions and its world-class investment management expertise makes it an ideal partner to insurance companies. I’m excited to work closely with Gilles and the entire Blackstone team as its insurance solutions business continues to execute on that mission."
Prior to joining Morgan Stanley in 2004, Mr. Hovey was a Vice President in the Financial Institutions Group, Investment Banking at Lehman Brothers. Mr. Hovey received a BS from the University of Colorado Boulder, where he graduated summa cum laude.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $584 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
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