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Blackstone’s King of Hedge Funds Shakes Up Its Lagging Business

  • Joe Dowling is attempting high-stakes revamp of BAAM amid rout
  • A new growth fund stumbled, but its main business is up in ‘22

When Blackstone Inc. recruited Ivy League endowment manager Joe Dowling to make its lumbering hedge fund division more competitive last year, it took pains to minimize any appearance of drama.

Within a year, Dowling’s co-head atop the unit left. So, too, have other senior staff, by choice or pushed out, as Dowling made big hires. Clients including pensions noticed all the turnover, and some have raised questions.