(Bloomberg) — Ares Management Corp. has hired Mark Serocold from Blackstone Inc. to run a new investment unit targeting wealthy Europeans.
Serocold, who joins in November, will head the EMEA arm of Ares Wealth Management Solutions, a unit created last October to target wealthy individual investors through private banks and wealth management firms, according to people familiar with the matter, who asked not to be identified because it’s private. He will be based in London, the people said.
Ares pushed into the space last year with its acquisition of Black Creek Group, a US real estate investment group with a strong focus on retail investors. Raj Dhanda, Black Creek’s chief executive officer at the time of the acquisition, now leads the wealth management solutions team. In June Ares hired HSBC Holdings Plc banker Henry Lee to lead the global alternative investment manager’s efforts to target household wealth in Asia.
Ares plans to roll out a range of liquid and semi-liquid strategies including private credit, real estate and buyout to such investors, one of the people said.
Serocold joins from Blackstone where he was a managing director at the Private Wealth Solutions team, a division tasked with broadening the New York-based manager’s fund raising efforts beyond institutional investors.
A representative for Ares declined to comment.
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