Alternative asset manager Blackstone announced three appointments and the creation of two new positions.
Blackstone veteran Farhad Karim will step into the newly created role of global chief operating officer of Blackstone's private wealth solutions business. In addition, Chris Sullivan is becoming head of sponsor coverage, another new job function. The firm also announced that Adam Lane will join the firm as head of consultant relations.
Blackstone's PWS business works with financial advisors and includes a range of real estate, credit, private equity and infrastructure products. It manages more than $250 billion across the private wealth channel globally. In his new role, Karim will be responsible for overseeing the day-to-day operations of the group, including ongoing product and regional expansion.
“Farhad is a proven, long-serving Blackstone leader who played a key role in building and scaling our real estate business, creating permanent products and growing our business internationally,” said Joan Solotar, Blackstone's global head of PWS, said in a statement. “He will be a tremendous asset as we continue to expand the way we serve individual investors around the world.”
“I couldn't be more excited to partner with Joan and the team as we continue to grow the business and help advisors unlock access to the private markets for their clients,” Karim said in a statement.
Karim joined Blackstone in 2011 and currently serves as chairman and COO of Blackstone Europe and general counsel of Blackstone Real Estate. Before joining Blackstone, he was a partner at the law firm Simpson Thacher & Bartlett.
Meanwhile, as head of sponsor coverage, Sullivan will work with private equity sponsors on debt and equity strategies. Sullivan has been with Blackstone since 2021, leading private credit sponsor relationships in Blackstone's credit and insurance business. Prior to Blackstone, he spent more than 20 years at Barclays.
Most recently, Lane is joining Blackstone from Goldman Sachs Asset Management. He will focus on cultivating enterprise-level relationships with consultants working with institutional investors. He will also work with Blackstone's private equity group. Lane spent more than two decades at Goldman Sachs, where he most recently served as partner and global head of wealth management alternatives and co-head of US third-party wealth.