Investment giant BlackRock has added two new senior executives to its alternatives team.
Financial News reported that former Pacific Investment Management Co. vice president Shantanu Agrawal joined BlackRock earlier this year as a vice president to help the firm build out its new credit alpha fund, while ex-Morgan Stanley distressed investing specialist Sunil Aggarwal has been hired as a director of the fund.
Both will work as special situation analysts.
The article added that BlackRock is currently aiming to raise an initial $500 million for the credit alpha fund, with the goal of ultimately growing the fund to $3 billion in assets.
BlackRock manages about $103.4 billion in alternative strategies, including hedge funds, private equity and real estate. The firm has approximately $4.1 trillion in total assets.