In this episode, we’re in discussion with the Global Head of the Blackstone’s $239 billion Private Wealth Solutions business, Joan Solotar (as of 31/12/22).
Joan has thrice been recognised in Barron’s as one of the 100 Most Influential Women in Finance, and after a background in equity research covering financial services, she joined Blackstone in 2007.
She starts by describing Blackstone’s growth, before explaining their private wealth solutions business. She discusses their drive to “democratise alternatives”, their client base, geographical reach and why they believe we are very early in the adoption of these assets in portfolios.
She then breaks down the components of alternatives, with a dive into their real estate expertise, the credit portfolios which have disintermediated portions of bank lending, as well as discussing hedge funds and P.E.She discusses the liquidity trade-offs, why they have developed Blackstone University for clients, before offering some terrific general advice (especially to fathers with daughters!).
Joan Solotar is the Global Head of Private Wealth Solutions. She serves on the firm’s Management Committee. Blackstone’s Private Wealth Solutions’ mission is to bring institutional quality products across a broad spectrum of alternative asset classes to high net worth clients and their advisors. Ms. Solotar also serves on the board of directors of First Eagle Investment Management. Before joining Blackstone in 2007, Ms. Solotar was Head of Equity Research at Bank of America Securities and a highly ranked Institutional Investor All Star financial services analyst at Credit Suisse and Donaldson, Lufkin & Jenrette. Ms. Solotar is a member of the Board of Trustees of East Harlem Tutorial Program and East Harlem Scholars Academies. She wrote a Harvard Business Review article entitled, “Truths for our Daughters,” and co-authored, “Truths from My Daughter.” Ms. Solotar received a BS in Management Information Systems from the State University of New York at Albany and an MBA in Finance from New York University.
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