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Blackstone's new insurance unit targets $100 billion in assets


By Joshua Franklin(Reuters) - Blackstone Group wants to quadruple to $100 billion the assets it manages at its new unit for insurers as it seeks to boost returns for firms struggling under low interest rates, the unit's newly appointed chief said on Monday.Blackstone recruited Chris Blunt, the former president of New York Life's [NYLIN.UL] investments group, to run Blackstone Insurance Solutions, a new business formed late last year when Blackstone agreed to oversee $22 billion from Fidelity & Guaranty Life [FGLH.UL]."The target (for assets under management) is $100 billion," Blunt told ...

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First Published: Tue, January 09 2018. 04:10 IST