Ares hires former Blair adviser

According to the Financial Times, the appointment signals Ares' efforts to expand outside of the US as opportunities in the firm's domestic market dry up.

Steel will be based in London for his new role. He was previously adviser to Tony Blair, as the former UK Prime Minister acted as special representative of the Quartet supporting economic development in occupied territories of Palestine.

Steel was previously part of Carlyle's European buyout team from 2001 to 2010, and was promoted to director of that team in February 2008.

Ares did not respond to requests for information at the time of publishing.

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