Blackstone Group LP, the world's largest private-equity firm, istaking aim at the $5.4 trillion of cash on corporate balance sheetsin the U.S. and Europe as regulators weigh changes that may reducethe appeal of money-market funds.
The firm has started a money-management unit called BlackstoneTreasury Solutions Advisors LLC that will cater exclusively tocorporations. Its portfolio managers include Blackstone ChiefFinancial Officer Laurence Tosi and Treasurer Matthew Skurbe, whohelp run New York-based Blackstone's internal cash managementstrategy.
Blackstone is targeting company treasurers as the U.S. considersrequiring money funds to shift from stable share prices to floatingvaluations. For Blackstone, providing cash management forcorporations would help diversify income streams further, afterChief Executive Officer Stephen Schwarzman added real estate, hedgefunds, and credit vehicles to reduce reliance on leveragedbuyouts.
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