Blackstone and Revolut are in initial discussions regarding a potential partnership focused on wealth management services, reported Bloomberg.
According to people familiar with the negotiations, the proposed partnership is said to allow clients of Revolut’s upcoming private banking service to access Blackstone’s investment funds.
Bloomberg recently reported that Revolut is planning to establish a private markets team to expand its wealth management services.
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It is looking to recruit junior investment bankers, asset managers, and private capital advisers to support the development of private-market investment offerings.
According to its job listing, the role involves establishing connections with fund managers across the private capital ecosystem.
The company is also looking to hire a private banker in the UK to manage and support relationships with high-net-worth individuals worldwide.
A potential agreement between Revolut and Blackstone would represent a significant move by private capital firms to access high-net-worth clients, while aiming to diversify their funding sources, the report said.
Blackstone has already expanded its footprint in Europe, which is Revolut’s primary market, by tripling the number of wealth managers, private banks and insurers, over the last two years.
This expansion is a part of Blackstone president Jon Gray’s strategy to broaden the firm’s reach into the mass market while maintaining its institutional business.
In June this year, BlackRock was reported as planning to expand its private investment businesses, nearly doubling its market value by 2030.
The company has set a goal of raising about $400bn for its private investment divisions, reflecting a strategic shift to compete with other alternative asset giants
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