Blackstone group, a financial advisory and asset management firm, is bringing onboard Ambassador Gerard Errera as its special advisor effective April 1 this year. Errera is a former ambassador of the UK and secretary general of the French Ministry of Foreign Affairs.

Steve Schwarzman, Blackstone CEO, says it is targeting for profitable opportunities in financial advisory and restructuring in France, a country that has seen more and more companies filing for bankruptcy protection.

The firm regards Errera’s appointment as a significant move in showing Blackstone’s commitment to the international scene. Steve Schwarzman had earlier declared in the World Economic Forum in Davos, Switzerland that 40% of the world’s wealth has been depleted since July 2007, and debts are all dried up, sending many firms to the brink of bankruptcy. Since the unprecedented buyout boom in 2006 and 2007, leverage buyout (LBO) firms are now scrambling to find banks to finance takeovers, and there are few.

Steve Schwarzman says the firm prioritizes hedge funds investments, financial advisory and restructuring to offset company losses, which amounted to $1.33 billion in 2008. It has set its eyes on new opportunities in France and is planning to add manpower there. As special advisor, Errera is a welcome addition, and is expected to serve in the International Advisory Board, provide advice in investment opportunities and assist in developing business initiatives within Europe.