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Blackstone Australia, New Zealand chairman resigns after two years with firm

11 Dec 2013

australia flagBlackstone Group’s Australia and New Zealand chairman Paul Costello has reportedly resigned just two years after joining the firm.

The Australian Financial Review first reported the news, saying that Costello was expected to be gone from the business by the end of the year.

Costello previously spent more than 20 years working in the pensions industry including roles as CEO of the sovereign wealth funds of both Australia and New Zealand.

Since leaving executive roles he has served as chairman of the industry consultation process into widespread reforms of the Australian superannuation industry, and as an associate commissioner for the Productivity Commission inquiry into workplace superannuation.

Last year Blackstone appointed James Carnegie as a senior advisor focusing primarily on its private equity activities in Australia.

Based in Sydney, Carnegie was most recently a partner with Archer Capital, one of Australia’s leading domestic private equity firms.

Before that, his experience included working with Macquarie Capital in its principal investment area.

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