Blackstone has announced significant changes to accelerate the growth of its Private Wealth business. With more than $300 billion in assets under management from the global private banking channel, the business has been a pioneer in serving individual investors for more than two decades.
After overseeing the development of the private wealth business in EMEA, Rashmi Madan, a Blackstone veteran with 15 years at the firm, has been promoted to the newly created role of Global Head of Portfolio Solutions. According to the firm, in this new position, Madan will lead the expansion of Blackstone’s multi-strategy solutions, leveraging her extensive experience across asset classes and long-standing client relationships. The firm plans to develop several investment solutions within this new initiative.
As a result, Simona Maellare will join Blackstone as Head of EMEA for Private Wealth, where she will lead the firm’s efforts to expand and strengthen its private banking business in Europe and the Middle East. Maellare most recently served as Global Co-Head of the Alternative Capital Group at UBS, as well as Co-Head of EMEA for OneUBS, and brings more than 30 years of experience advising and partnering with alternative asset managers on capital raising and strategic growth in the EMEA region. With a long track record advising some of the world’s leading asset managers on their expansion in EMEA, Maellare brings to Blackstone exceptional expertise, trusted relationships, and a proven ability to build and scale businesses at the highest level.
The firm explains that these appointments strengthen Blackstone’s leadership in two priority areas for its next phase of growth and will help expand multi-strategy investment solutions for advisors and their clients, as well as accelerate the international expansion of the Private Wealth business.
“We have built this business by investing in exceptional talent with a deep commitment to clients. Rashmi and Simona each bring experience and relationships that are difficult to replicate: Rashmi in multi-strategy solutions, which we see as a powerful growth frontier, and Simona in the markets of Europe and the Middle East, where the opportunity for individual investors is significant. Simona’s arrival and Rashmi’s new role will be key as we continue to develop differentiated solutions for our clients globally. I look forward to working closely with both,” said Joan Solotar, Global Head of Blackstone Private Wealth.
For her part, Rashmi Madan, Global Head of Portfolio Solutions for Blackstone Private Wealth, stated: “Multi-asset investing allows clients to access the breadth of Blackstone’s platform within a single strategy. As private markets continue to expand and advisor toolkits become more sophisticated, Blackstone Portfolio Solutions will help deliver integrated, investor-focused portfolios built on the firm’s flagship perpetual strategies. I am excited to lead this business and capitalize on the opportunities ahead.”
