Blackstone Inc. Chief Govt Officer Stephen Schwarzman took dwelling a document $1.1 billion in 2021, underscoring the private-equity big’s rising dominance on Wall Avenue.
Dividends on his 19% stake in Blackstone accounted for the most important chunk of Mr. Schwarzman’s haul, totaling $941.6 million for the yr. He additionally earned $160.3 million in compensation, composed of earnings tied to funding efficiency and a base wage of $350,000, based on a regulatory submitting late Friday.
The attention-popping figures, the most important ever for Mr. Schwarzman, make him one of many highest-paid executives on Wall Avenue—if not the very best. They’re a mirrored image of how pivotal the previous yr has been for Blackstone’s enterprise. The agency’s 2021 monetary efficiency broke information by almost each key measure, with property below administration reaching $880.9 billion by the tip of the fourth quarter, as initiatives to achieve rich people and develop its base of insurance coverage purchasers helped Blackstone additional entry large new swimming pools of capital.
Together with dividends, Blackstone shares have greater than doubled for the reason that starting of 2021 versus a 19% complete return for the S&P 500. The agency’s market capitalization now stands at $155 billion, greater than 4 occasions that of Apollo International Administration Inc.—its closest private-equity peer—and nicely past that of Wall Avenue heavyweight Goldman Sachs Group Inc.
Like its friends, Blackstone took the step in 2019 of changing from a publicly traded partnership to a company, a transfer that has helped propel its efficiency as extra traders personal the inventory. However the agency has maintained a super-voting share construction whilst rivals have deserted theirs in favor of a one-share, one-vote mannequin. Mr. Schwarzman owns most popular shares that give him substantial management over sure facets of the enterprise.
Mr. Schwarzman, 75 years outdated, co-founded Blackstone in 1985 and is price an estimated $37.3 billion, based on Forbes. Whereas he continues to function its CEO, he has delegated a lot of the day-to-day accountability of working the agency to Blackstone President Jonathan Grey.
Shares of Blackstone, together with dividends, have greater than quadrupled since 2018 when Mr. Grey assumed the function from his predecessor, Hamilton “Tony” James. That compares with a 65% complete return for the S&P.
Mr. Grey took dwelling $323.8 million in 2021, together with $167.2 million in dividends and $156.6 million in investment-gain and different compensation.
Neither he nor Mr. Schwarzman obtained a money bonus.
This story has been printed from a wire company feed with out modifications to the textual content
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