BlackRock Fund of Hedge Funds Co-Founder Bryan White Leavingby
Bryan Smith adds management role, Dave Matter investment post
BlackRock Alternative Advisors has $21.3 billion in assets
Bryan White, who co-founded BlackRock Inc.’s $21.3 billion business that invests in hedge funds, is leaving the company.
White will stay with the firm into the second quarter as part of a transition period, spokesman Ed Sweeney said Thursday. BlackRock named Bryan Smith chairman of the group’s management committee and Dave Matter chairman of the investment committee. In September, Smith became co-head of the group alongside White.
White ran the business, called BlackRock Alternative Advisors, for more than two decades. BlackRock, which is led by Chief Executive Officer Laurence D. Fink and oversees $4.6 trillion, has been expanding in alternatives as it seeks to bring in more fee revenue and meet demand from investors who want less correlation with stocks and bonds.
White and Jeffrey Greenstein started the unit in 1994. BlackRock purchased the business in 2007 as part of its push into alternatives. The business offers funds of hedge funds portfolios and customized hedge fund services.