UBS alternative capital group chief reappeared at probably better place to be
Getting restructured out of a bank you’ve worked at for 12 years, three months after a promotion, might not be the ideal way to end your time at a firm. The upsides, however, can be quite spectacular.
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Simona Maellare joined Blackstone as its EMEA head of private wealth. She joined the firm from UBS, where she spent 12 years and was most recently global (co-)head of the firm’s alternative capital group, and global head of financial sponsors coverage. She was also made head of EMEA for OneUBS some three months before departing the firm.
Maellare’s departure from UBS and arrival at Blackstone came after some rigmarole. Bloomberg reported last June that UBS was restructuring, and that the alternative capital group would be dismantled – with Maellare as a victim of that reshuffling. Her fellow alternative capital co-head, Terry Sullivan, stayed on at UBS as chairman of its FIG team.
At Blackstone, Maellare replaced Rashmi Madan in her role as EMEA head of private wealth. Madan, a Blackstone veteran of more than 15 years, moved into a new role as global head of portfolio solutions at the firm, which the firm called a promotion.
Private wealth is a major lynchpin in Blackstone’s strategy. With the industry struggling for exits, private wealth investors offer the unique opportunity for firms to invest in evergreen funds – one without exit deadlines, capital calls, drawdowns, and the likes. They also have a lower threshold for huge carried interest payouts – 15%, versus the standard 20% at close-ended funds, according to private markets advisory firm Hamilton Lane. Lower carried interest thresholds, as well as no due date on investments, means that eight figures carried interest payments might be within sight for some.
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