Parag Pande, who managed the industrials portfolio at Ziff Brothers Investments, has landed a gig at Blackstone Group.
The Wall Street Journal reported that Pande began his new role this week as the head of research for Blackstone Alternative Asset Management, where he is responsible for supervising a group that evaluates investments in hedge funds globally. He is also in charge of assessing emerging hedge fund managers for Blackstone’s two seeding funds, which invest in start-up funds.
According to an eVestment article from November, New York-based Ziff Brothers has been planning to gradually close its U.S. hedge fund after its top portfolio manager, Ian McKinnon, announced he was retiring in 2015. Ziff Brothers will give some away some of its capital to its top executives capital to start their own firms, while some of the fund’s money may be shifted to Ziff’s London-based hedge fund or to external hedge funds managers.
BAAM, which is the world’s largest fund of hedge funds group, has approximately $56 billion in assets under management.