Blackstone Group LP, the world’s biggest manager of alternative assets, added Bloomberg LP Chairman Peter Grauer to its board of directors.

The addition expands New York-based Blackstone’s board to 11 members, according to the company’s website. The group includes five internal directors -- Steve Schwarzman, Tony James, Tom Hill, Jon Gray and Bennett Goodman -- as well as Richard Jenrette, Shelly Lazarus, Jay Light, Brian Mulroney, William Parrett and Grauer.

Before joining Bloomberg as chairman in 2001 and as president and chief executive officer the next year, Grauer was a managing director at investment bank Donaldson Lufkin & Jenrette, where he worked alongside James, now Blackstone’s president. Bloomberg LP is the parent of Bloomberg News.

Grauer “brings a deep knowledge of the financial industry as well as a broad perspective on global business that will be immensely valuable to Blackstone,” Schwarzman, Blackstone’s co-founder and chief executive officer, said in a statement Tuesday announcing the addition.

Blackstone managed $334 billion in private equity holdings, real estate, credit assets and hedge funds as of Sept. 30.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE