Mission accomplished? Blackstone's Chae returning from Hong Kong

Michael Chae is returning to NYC after spending over three years building Blackstone's (BX +1.8%) business in Asia, according to a memo seen by Bloomberg. Since Chae was named a senior managing director in Asia in December 2010, Blackstone has more than doubled its headcount there to 225 and last year opened an office in Singapore with 30 staffers.

Chae's exit from Hong Kong comes just a short time after Greater China Chairman Anthony Leung resigned to become CEO of Nan Fung Group Holdings.

Chae will continue to head Blackstone's P-E business in Asia-Pacific in addition to resuming his previous responsibility for media and communications investments.

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