Blackstone's Asia head Chae returns to New York

Michael Chae is returning to Blackstone’s New York office in June after three years based in Hong Kong during which he led the firm’s private equity business across the Asia-Pacific region.

The move is in line with expectations Chae was sent to Hong Kong in late 2010 to rebuild, localise and institutionalise Blackstone’s business in Asia, which had been floundering.

Since the global financial crisis, the firm’s team in Asia has more than doubled and now numbers 225 people across eight offices.

There are more than 40 people dedicated to private equity in the region, 15% higher than when Chae moved to Hong Kong....