Rebecca Ungarino

Joseph Bae of KKR said on Tuesday that the firm is drawn to industries like enterprise software, so-called vertical software, and cybersecurity.

In Apollo’s video, CEO Marc Rowan has employees cooking the company a holiday meal, while Blackstone’s sketch has Steve Schwarzman wearing a Santa hat.

As the market downturn roils Wall Street, BlackRock is carrying out its first round of layoffs since early 2019. Employees have been on edge for days.

Concerns are being raised about Tiger Global’s work culture, particularly around the actions of partner Scott Shleifer.

Blackstone is playing defense as analysts, investors, and, now, its own tenants are scrutinizing its powerful real-estate division.

Blackstone is shaking up leadership in its real estate arm at a time when the firm and other major property investors are facing redemption requests.

As BlackRock cuts fees across the traditional funds at the heart of its business, the firm is prioritizing high-fee, so-called alternative assets.

In a shift, BlackRock CEO Larry Fink kept his discussion of ESG investing to a minimum after a year of intense backlash from lawmakers in the US.

After the prominent Israeli businessperson Benjamin Gaon was diagnosed with kidney cancer, his son Boaz Gaon and his family spent years by their father’s side. Gaon, known as Benny, had been diagnosed with additional forms of cancer, and died in 2008 from a type of leukemia.His father had access to top doctors, but the younger Gaon felt a deep lack of social support from people who had been in his shoes. That experience served as the inspiration for the startup Wisdo Health, which helps people j…

When a $1.5 billion wealth-management firm in New Jersey set out to evaluate different money managers this summer in search of new private-credit investments, the team found more than it was expecting.“We were surprised to see how many came back to us and said they had either just launched a private BDC, or were planning to launch one in the next 60 to 90 days,” David Goldstone, the manager of investment research at Condor Capital Wealth Management, said. Goldstone was referring to a type of bus…

BlackRock is reshaping a key team that handles relationships with government officials and regulators as a US presidential election year approaches and lawmakers continue to scrutinize BlackRock.The money management giant is looking for a new Washington, DC-based head of US government affairs and public policy as well as a new head of state government affairs, wrote John Kelly, BlackRock’s global head of corporate affairs, in a previously unreported company memo last week. The state-focused posi…

On Wednesday night, the presidential candidate Vivek Ramaswamy referred to Larry Fink as “king of the woke industrial complex, the ESG movement, the CEO of BlackRock, the most powerful company in the world,” onstage at the fourth Republican presidential debate.I don’t use ChatGPT, but my sense is it would spit out exactly that quote if I asked it what Ramaswamy and his colleagues thought of Fink and might say during the debate. It feels like it was inevitable and a little too on the nose after a…

What do the auction house Sotheby’s, the shapewear maker Spanx, and the company behind Fender guitars have in common? They’ve all borrowed money from firms that lend like banks, earn interest like banks, and work with clients like banks — but aren’t banks. For a midsize company, going to private-equity firms and other money managers — also known as nonbanks, shadow banks, or alternative asset managers — is an increasingly common way to borrow cash. Traditional lenders, including Bank of America…

Justin Breen’s legal career has traced the arc of the rapidly expanding private-credit market. When he started out some 20 years ago, he worked primarily with banks that were underwriting company loans. Now, he focuses almost exclusively on private credit.He counsels the biggest names in private credit — including Ares Capital, Golub Capital, Bain Capital, and Churchill Asset Management. He’s closed finance deals worth some $100 billion and coordinated debt for European football clubs including…

Even for the world’s richest families, good help is hard to find. Nearly half of family offices with more than $500 million in assets cited attracting and retaining talent as a challenge, according to Citi Private Bank. These private investment firms are eager to poach investors and wealth advisors from private equity firms and private banks, executive recruiters told Business Insider. They are willing to pay top dollar for it as well, with 60% planning to spend more on compensation over the nex…

Working for BlackRock has been described as simultaneously working for the federal government and working for a family business. Getting promoted is often political and dependent on who’s lobbying for colleagues behind the scenes — so much so that people compare the process to congressional races.At the same time, people familiar with the internal dynamics of the company say the familial aspect comes from the very top of the founder-led firm. Larry Fink, the cofounder and chief executive, has hi…

BlackRock management alerted the company in a memo on Tuesday that it would make its third round of layoffs in the last 12 months, pointing to significant changes in the asset management industry.Larry Fink, BlackRock’s chief executive, and Rob Kapito, the firm’s president, said the firm would lay off 3% of employees, or about 600 people, from its workforce of about 20,000.“As we prepare for 2024 and this very exciting but distinctly different landscape, businesses across the firm have developed…

When Toronto-based Manulife Investment Management agreed to buy the $13.5 billion private credit firm CQS in November, the deal reflected the onslaught of traditional money managers looking for an edge in lending to and investing in private companies.Another step in bolstering Manulife’s private assets offerings: filling the key global head of private markets position that had been vacant since last summer.Anne Valentine Andrews, the veteran infrastructure investor who joined BlackRock nearly a…

The two executives who have ran BlackRock’s influential consulting business since 2020 are each being promoted to new roles at the asset manager, a spokesperson told Business Insider, as BlackRock makes sweeping changes to its leadership ranks across divisions.The firm is naming Brandon Hall as the firm’s deputy chief operating officer, reporting to Rob Goldstein, BlackRock’s chief operating officer and a prominent leader at the company. He replaces Stacey Mullin, who had held the role since 202…

When the chief executive of cryptocurrency startup Anchorage Digital posted a message in the company’s “announcements” Slack channel in late November about an executive’s departure, employees started buzzing.Georgia Quinn, who joined the bank as general counsel in 2020 and was key to helping the company secure the first federal bank charter for a US crypto firm, had “decided to take a professional break” and would step down on December 15, according to a screenshot of CEO Nathan McCauley’s messa…