Blackstone, the US investment firm, has lured Bruce Amlicke from arch rival UBS to become the first chief investment officer of Blackstone Alternative Asset Management, its $9bn (€7bn) hedge fund arm.

UBS and Blackstone are direct competitors in the hedge funds arena. Last year Calpers, the California Public Employees Retirement System and the largest public pension fund in the US, terminated its contract with Blackstone to reduce fees.