(Reuters) – Blackstone (NYSE:) Inc has employed Tyler Dickson, the previous world head of funding banking at Citigroup, to steer shopper relations for its credit score and insurance coverage unit, the non-public fairness agency stated on Tuesday.
The brand new function will oversee Blackstone Credit score & Insurance coverage’s (BXCI) Institutional Shopper Options group, and extra broadly companion on BXCI’s origination efforts with debtors world wide.
Dickson, a 30-year veteran at Citi, was lately serving as the top of funding banking and vice chair of banking and worldwide.
Personal fairness companies have been these days shifting 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 , non-public lenders equivalent to Blackstone have stepped in.
Blackstone final 12 months introduced its teams that put money into company credit score in addition to a enterprise that manages cash for insurers underneath one umbrella, and named the section Blackstone Credit score & Insurance coverage, or BXCI.