Park Hill Group, the alternative asset placement firm affiliated with Blackstone Asset Management, has started a new hedge fund division to capitalise on the growing $1.2 trillion (€938bn) market.

Earlier this year, Park Hill hired Pat Daly, Alexander Moomjy and Peter Mayer from Credit Suisse's hedge fund marketing unit to head up the new division raising money for hedge fund investments. The placement agency recently hired Annie Belanger as director of client services from Conquest Capital. Rounding out the team are Paul Hudson, Bradley Barr and Michael Prasad.