Blackstone's private wealth inflows improved in June, president says

NEW YORK, June ‌9 (Reuters) - Blackstone ​saw ​improving inflows from individual investors in June amid a pullback from funds that ‌aim to give those people access to ⁠rarely traded private assets, the president and chief operating ‌officer of the world's ‌biggest alternative asset manager said on Tuesday.

"In the April and May period, April 1, May ​1, we saw a slowdown, and yet by June 1 we were up 50%, ⁠back to the levels we were in the first quarter," Jon ​Gray told the Morgan Stanley U.S. Financials Conference in New York.

Private credit funds ​for wealthy individuals saw more ‌withdrawals than new money committed at the beginning of this year for ⁠the first time ever. Switzerland-based Partners Group last week linked an increase in investor requests to withdraw ⁠money from private equity funds to a spillover of ​worries about private credit into other asset classes.

Gray drew a distinction between appetite for credit and equity.

"We have ‌lower flows in credit right now, given the noise, but when you look ‌in private equity, June 1 we had ⁠the greatest, the best ‌inflows we had ​since we launched the product," Gray said.

(Reporting by Isla Binnie; Editing by Will ‌Dunham)

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