(Reuters) – Blackstone (NYSE:) Inc has employed Tyler Dickson, the previous world head of funding banking at Citigroup, to guide consumer relations for its credit score and insurance coverage unit, the personal fairness agency mentioned on Tuesday.
The brand new position will oversee Blackstone Credit score & Insurance coverage’s (BXCI) Institutional Shopper Options staff, and extra broadly companion on BXCI’s origination efforts with debtors world wide.
Dickson, a 30-year veteran at Citi, was not too long ago serving as the pinnacle of funding banking and vice chair of banking and worldwide.
Personal fairness companies have been recently transferring in direction of the fast-growing enterprise of credit score. As banks’ capital obtained tied up in dangerous loans and rates of interest rose, teams of banks had been offering much less financing through conventional syndicated loans. At such a time , personal lenders akin to Blackstone have stepped in.
Blackstone final yr introduced its teams that spend money on company credit score in addition to a enterprise that manages cash for insurers beneath one umbrella, and named the phase Blackstone Credit score & Insurance coverage, or BXCI.