Tosi was chief operating officer for the global markets and investment banking group of Merrill Lynch. Before that, he was a senior vice president and finance director responsible for Merrill's global finance organization. Tosi will join Blackstone in the fall as a member of the executive committee.
Tosi replaces Michael Puglisi, who will stay with Blackstone as a senior managing director and a member of senior management. He will work with Tosi in the finance group, while also taking on other firm matters and special projects for Stephen Schwarzman, co-founder and CEO, and Tony James, president and COO.
Unfortunately for Merrill Lynch, Tosi's departure -- slated for August -- is the latest in a string of executive changes following the hiring of John Thain as CEO.
Bloomberg writes:
Tosi's departure extends an exodus of at least 30 senior executives, traders and bankers who have quit New York-based Merrill or have been forced out since the firm hired John Thain as its CEO last December. Thain, a former president of Goldman Sachs Group Inc., the largest U.S. securities firm, has recruited colleagues from his former firm to occupy top posts at Merrill.
For its part, Blackstone is likely counting on Tosi to help it manage its growth beyond private equity and real estate, as the firm has begun investing in distressed debt and has bought hedge funds. - George White and Baz Hiralal
See Blackstome press release
See Bloomberg story
See related earlier story about Merrill Lynch changes from Dealscape
