Blackstone's hiring of Jon Korngold, a former senior chief at fairness agency Basic Atlantic, may have implications for automated investing platform SigFig, and illustrates that monetary expertise is a rising focus of the funding agency. Korngold was concerned in a summer time 2018 Sequence E funding spherical that noticed a $50 million injection of investor money in SigFig, based on a supply conversant in the rent. Later in the summertime, SigFig bought digital wealth administration IP from UBS.
Korngold shall be a senior managing director and head of Blackstone's new "development fairness" investing platform, arrange to be a capital supplier for firms needing funding between their enterprise levels and conventional buyouts, based on Blackstone.
"Wealthtech might be one space [the platform] invests in," based on an government near the enterprise. SigFig didn't reply to a request for remark.
"Jon [Korngold] is the best chief for this new platform," mentioned Jon Grey, president and COO at Blackstone, in an announcement saying the rent. "He'll construct upon Blackstone’s capabilities and strengthen all of our investing companies by way of his deep experience within the quickly evolving expertise sector.”
Korngold will begin his new position subsequent month.