NEW YORK–(BUSINESS WIRE)–MARATHON ASSET MANAGEMENT (“Marathon”) announced today that Blackstone Strategic Capital Holdings Fund (“BSCH”), a vehicle managed by Blackstone Alternative Asset Management (“BAAM”), has acquired a passive, minority interest in Marathon. Based in New York, Marathon is an opportunistic global credit event-driven manager with approximately $12.75 billion in assets under management. The firm pursues credit through a broad spectrum of investments in global corporate credit, distressed and special situational credit, structured credit, emerging markets and leveraged loans.

“We are delighted with Blackstone’s commitment to Marathon as we continue to build our franchise and serve our clients. Aligning with the preeminent alternative manager in the world positions us well for the future as we continue to capitalize on opportunities and expand our business.”

Bruce Richards, Co-Founder and CEO said, “We are delighted with Blackstone’s commitment to Marathon as we continue to build our franchise and serve our clients. Aligning with the preeminent alternative manager in the world positions us well for the future as we continue to capitalize on opportunities and expand our business.”

Louis Hanover, Co-Founder and CIO added, “This strategic investment in our firm further validates the power of our business model, which focuses on portfolio construction, deep credit analysis, security selection, and best-in-class client service.”

J. Tomilson Hill, Vice Chairman of Blackstone and President & CEO of BAAM said, “We have great respect for the sustainable franchise that Marathon has built and their commitment to customization to meet the evolving needs of their growing institutional investor base. We look forward to partnering with them in the years ahead.”

Concurrent with this transaction, Marathon announced that long serving Partner and COO, Andrew Rabinowitz, has been elevated to President and COO. Mr. Richards added, “Lou and I look forward to Andrew taking on a greater leadership role within Marathon for the years to come.” Mr. Rabinowitz noted, “This transaction allows Marathon to maintain its autonomy while building upon its successes to date by focusing our attention on our clients, partners and employees.”

Additionally, Vijay Srinivasan, Senior Managing Director, assumed responsibility for overseeing global credit research earlier this year. This position was formerly held by Richard Ronzetti, who has announced his retirement. Mr. Hanover commented, “Rich has been a great Partner for many years and we wish him success in his future endeavors. Vijay and I have worked together for nine years and I am excited about our further collaboration as we continue to deliver value to our clients’ investment portfolios.”

Marathon will retain autonomy over its business management, operations and investment processes, and will continue to be led by the existing management team. Marathon’s Partners also include Gabriel Szpigiel, Andy Springer, Stuart Goldberg and Jamie Raboy. Terms of the transaction were not disclosed.

About Marathon

Marathon Asset Management is a New York-based global investment advisor with approximately $12.75 billion of capital under management. The firm was found in 1998 by Louis Hanover and Bruce Richards and employs more than 150 professionals. Its corporate headquarters are located in New York City and it has international offices in London and Singapore. Marathon is a Registered Investment Adviser with the Securities and Exchange Commission. For more information, please visit the company’s web site at www.marathonfund.com. For more information about this transaction please contact Andrew Rabinowitz at 212-500-3050.