US investment giant Blackstone has appointed Michael Hovey to the role of senior managing director.

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Hovey will lead acquisitions and strategic partnerships for Blackstone Insurance Solutions and reports to Gilles Dellaert, global head of the unit.

He joins from Morgan Stanley, where he was a managing director and most recently served as co-head of insurance investment banking for North America.

Prior to joining Morgan Stanley in 2004, Hovey was a vice president in the Financial Institutions Group, Investment Banking at Lehman Brothers.

In total, Blackstone manages more than $60 billion in assets for insurance companies.

“We’re thrilled to have Michael join Blackstone Insurance Solutions,” said Dellaert.

“As we continue to evaluate new investment opportunities in the insurance sector, having an individual with Michael’s deep experience, expertise and relationships will be a critical resource to our team.”

David Blitzer, Global Head of Blackstone Tactical Opportunities, added, “We’re excited to have a leader of Michael’s caliber on our insurance team. We see significant opportunities for continued growth ahead for our insurance business, and he will be a key part of that effort.”

Commenting on his appointment, Hovey said, “Blackstone’s ability to deliver flexible capital solutions and its world-class investment management expertise makes it an ideal partner to insurance companies.

“I’m excited to work closely with Gilles and the entire Blackstone team as its insurance solutions business continues to execute on that mission.”

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