By Dan Primack
October 30, 2013

FORTUNE — The Blackstone Group (BX) has hired longtime Merrill Lynch banker Deann Morgan, Fortune has learned.

She will serve as a managing director at Blackstone, focused on product development for the firm’s wealth management group. That basically means she will help develop products and relationships for third-party wealth managers (namely banks), which would help Blackstone secure high-net-worth investors for its many funds.

Morgan had spent the past 14 years with Merrill Lynch, first as an investment banker and then as head of alternative investments origination. In that role, she was responsible for the origination of hedge funds, private equity, managed futures and real assets accross the entire Bank of America Merrill Lynch (BAC) platform.

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