Blackstone's Michael Chae appointed to CFO role

Chae will take up his new position once Tosi's departure becomes effective on August 7. Tosi, who has served the firm as CFO since 2008, is leaving to become CFO at Airbnb, according to a regulatory filing.

Chae has been with Blackstone for 18 years, having come to the firm from The Carlyle Group. His time at Blackstone includes four years as head of Asia private equity. The firm transferred Chae to the Hong Kong office in 2010, with a mandate to build the Asia team and integrate local hires with the New York and London offices.

During Chae's time in Asia, Blackstone invested in around 31 companies in the region, and increased its Asian headcount to 225.

Last year Chae moved back to New York to reassume responsibility for Blackstone's media and communication investments. He currently sits on both the US and Asia investment committees, and also serves on the boards of Hilton Worldwide and Pactera.

In a memo to employees, Blackstone CEO Steve Schwarzman and President Tony James called Chae "a tremendous talent who has repeatedly demonstrated his leadership skills, superb judgment and financial acumen."

Along with Chae's appointment, the firm also announced that Joan Solotar, currently head of external relations, will be promoted to head the multi-asset investing team as well. Solotar will develop new investment products and services for institutional investors and high net worth individual clients.

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