According to reports, 71-year-old Stephen A. Schwarzman, CEO of the Blackstone Group LP, earned $800 million – possibly more – last year. If true, the amount is one of the highest ever recorded at a publicly traded company.
Schwarzman’s earnings, which were detailed in a regulatory filing, “underscores the ascendancy of firms that manage private investment funds for institutions and the wealthy,” according to The Wall Street Journal. “Blackstone, BX -0.66% which collects fees for managing clients’ money and keeps a slice of investment gains, has benefited lately from robust markets for stocks, debt and real estate as well as banks’ retreat from businesses such as specialty lending, into which Blackstone has expanded.”
Since 2013, the Journal added, Schwarzman may well have collected over $3.2 billion from dividends and fund payouts.
Blackstone, of course, is one of the world’s leading investment firms. The firm was founded in 1985 by Schwarzman, who serves as Chairman as well as Chief Executive Officer, and Peter G. Peterson, who retired as Senior Chairman in 2008. Its nearly 2,300 employees operate out of 25 offices worldwide, and its portfolio companies employ just shy of a half-million people worldwide.
Schwarzman was scheduled to present at the RBC Capital Markets Financial Institutions Conference on Tuesday, March 6th in New York City.
According to the company, Schwarzman is an active philanthropist with a history of supporting education and schools. “Whether in business or in philanthropy, he has always attempted to tackle big problems and find transformative solutions.” In 2015, he donated $150 million to Yale University to establish the Schwarzman Center, a first-of-its-kind campus center in Yale’s historic “Commons” building. In 2013, he founded an international scholarship program, “Schwarzman Scholars,” at Tsinghua University in Beijing to educate future leaders about China. He currently maintains his position as Co-Chair of the Board of Trustees of Schwarzman Scholars. In 2007, Mr. Schwarzman donated $100 million to the New York Public Library on whose board he serves.
Schwarzman’s Blackstone bio also lists him as a member of The Council on Foreign Relations, The Business Council, The Business Roundtable, and The International Business Council of the World Economic Forum. He also serves as co-chair of the Partnership for New York City and serves on the boards of The Asia Society and New York-Presbyterian Hospital, as well as on The Advisory Board of the School of Economics and Management at Tsinghua University, Beijing. He is a Trustee of The Frick Collection in New York City and Chairman Emeritus of the Board of Directors of The John F. Kennedy Center for the Performing Arts.
Business2 weeks ago
Amazon Pulls Floor Mats that Insulted Muslims from Their Site; Retail Giant Issues Apology
Travel2 weeks ago
Exploring Alentejo: A Window into Portugal’s Jewish Past
Breaking News3 weeks ago
Mugrabi Divorce Battle Takes Center Stage in Epic Showdown
International latest news2 weeks ago
Russian-Jewish Billionaire Abramovich Hosts Paul McCartney Aboard Yacht
Op-Ed2 weeks ago
Why Trump’s Wall is a Must
JV Editorial2 weeks ago
The Dark Side of Airbnb Revealed
Business1 week ago
Robotic Dogs, Talking Toilets, Roll Down 88” LG TV’s – All at the 2019 Consumer Electronics Show in Vegas
New York City News2 weeks ago
Lev Tahor Cult Leaders Charged with Kidnapping; Extradited to NYC