Blackstone's real estate business gets two chiefs

New York

THERE are two new sheriffs in town at the helm of one of the world's largest property investors.

Blackstone Group LP named Ken Caplan and Kathleen McCarthy to lead the private equity giant's real estate business as Jon Gray takes on the role of president and chief operating officer. The real estate business Mr Gray built, after joining Blackstone straight out of college, is the firm's largest by assets and accounted for about half of its pretax profit last year.