• Drummond Rice will take on execution-focused position at Goldman Sachs
• Citi’s Richard Chand to replace Blackstone’s vacant MD role at the alternative asset manager

Blackstone is reshuffling its equity capital markets leadership as Drummond Rice has left the firm, according to three sources familiar with the situation.

Rice, a managing director in Blackstone’s capital markets group, has led equity financing and monetization across the firm’s global portfolio since joining in 2021. In that role, he oversaw IPOs, sell-downs, and other sponsor exits, acting as a central coordinator between deal teams and underwriting banks.

He is joining Goldman Sachs, marking a return to the sell-side, two of the sources said. Rather than stepping into a top leadership position, Rice is set to take on a more execution-focused role within a specific sector vertical, close to deal origination and execution, one source said.

Richard Chand, who is replacing Rice, joins from Citigroup, the sources said, where he was a managing director in the ECM team. Chand has worked at Citi since 2014, advising corporate and financial sponsor clients on equity transactions. Prior to that, he was a principal at KKR and a founding member of its capital markets group, giving him both sponsor-side and banking experience.

The leadership change comes as Blackstone continues to run one of the busiest sponsor pipelines in the market, with multiple IPO candidates and equity transactions in progress. The transition is not expected to affect deal timelines, with deals continuing to move forward despite the change, one source added.

Blackstone and Goldman Sachs declined to comment. Citi did not respond to a request for comment.