FINSwire May 19 2010

Blackstone to Expand in Australia

FINSwire Team

Blackstone Group is saying hello to down under. In a recent conference call, Philip Levinson, a managing director, said the firm was establishing a "presence" in Australia.

"We have a small investor-relations group there and are looking at the option to expand our presence," a spokesman for Blackstone said. He declined to comment as to future possible hiring in the region.

Competitors like Carlyle Group have already set up shop in Australia's $20 billion private equity sector, so it's no surprise Blackstone has taken the plunge.

Reuters reported Blackstone had been expected to open a Sydney office last year, but was waiting to see how a plan to tax private-equity deals there would play out.

Read more articles about Blackstone Group.

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