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Blackrock beefs up alternatives business
Blackrock has moved to bolster its alternative investment capabilities in Australia, appointing Ascalon Capital chief executive Andrew Landman to head of alternatives in Australia.
The appointment was a reflection of Blackrock's increased focus on the Australian alternatives market, according to head of hedge funds for Blackrock, Rick Arney.
Blackrock managed approximately US$110 billion in alternative assets globally including US$20 billion from the Asia Pacific region, according to company figures to 31 March.
Blackrock Australia acting country head Michael McCorry said conventional asset classes will not fund Australian investors' future liabilities. He said alternatives offer investors a chance to enhance returns and reduce risk through low correlation to other asset classes.
Landman has 18 years industry experience. His time at Ascalon bred nine single-strategy hedge and high conviction funds across Australia and Asia Pacific, while the firm amassed $4.2 billion in assets under management.
Landman is also head of investment strategy at BT Financial Group.
Joseph Pacini, head of Blackrock's alternatives business in Asia ex Japan, will man the Australian alternatives business until Landman officially steps down as Ascalon chief executive.
Blackrock was unable to provide a date for Landman's commencement.
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