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Bailey McCann, Opalesque New York:

John McCormick, co-head of Blackstone's hedge fund unit plans to leave the firm. Joseph Dowling, the other co-head, will become sole head of Blackstone Alternative Asset Management, the world's largest funds-of-hedge-funds business. The Wall Street Journal first reported the news.

McCormick has been with Blackstone for 17 years. It is unclear what his future plans are.

According to a Reuters report, McCormick's departure in the latest of a string of exits including Gideon Berger, who led its funds-of-funds business; Brett Condron, who was head of individual investor solutions; and Scott Soussa, who headed the hedge fund and private equity stakes business. Approximately 70% of the professionals in the stakes business have turned over and investors are beginning to get concerned.

Dowling will now be tasked with growing the business on his own. The Wall Street Journal piece notes that Blackstone is looking to expand the the hedge fund unit and take on more risk. Dowling has already spearheaded the launch of Blackstone's Horizon fund - a crossover fund that makes riskier investments in tech companies that are about to go public.

Dowling......................

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