Blackstone president cashes in $64 million of his shares in company
February 20, 2013 5:14 AM EST
Blackstone Group LP
James, who joined Blackstone in 2002 as co-founder Stephen Schwarzman's right-hand man and is credited with much of the company's expansion into asset classes beyond private equity, sold 3.5 million shares, referred to as common units, between February 13 and February 15, according to a filing submitted late on February 15.
Blackstone's common units traded as high as $19.69 on Tuesday, their highest price since May 2008, as investors bet that a pick-up in deal activity will allow the New York-based company to profitably exit more of its investments and distribute dividends to shareholders.
The stock sale earned James more than he made as a top Blackstone executive in 2011, and leaves him with 7.8 million common units. In addition to the common units, he also held partnership units in Blackstone that totaled 34.1 million as of February 17, 2012, according to the latest annual report.
The exact number of partnership units James currently holds in Blackstone is not yet available. His overall stake of around 4 percent, which comes mostly from the partnership units, is unlikely to have changed substantially as a result of last week's sale.
Blackstone declined to comment on James' stock sale.
James, also chief operating officer, holds part of his Blackstone units in a family trust. He received $52.6 million from salary, bonus and holdings in the private equity firm in 2011, according to the latest figures available. That compares with $54.8 million in 2010.
Blackstone completed an initial public offering in 2007, a move that provided liquidity to founders and senior executives that allows them to cash in on their stakes.
Among industry peers, KKR & Co LP
(Reporting by Greg Roumeliotis in New York; Editing by David Gregorio)
Most Popular Slideshows
- ‘Sons of Anarchy’ Season 7 Finale Spoilers: Kurt Sutter On Ending The Biker Series And Picking The Right Song For The Final Ride
- Prince Charles’ Wife Camilla Parker-Bowles In Drug Scandal - Reports
- Prince Harry Kissing Mystery Blond, Cressida Bonas & Camilla Thurlow Are Distant Memory
- St. Louis Rams 28, Seattle Seahawks 26 [PHOTOS]
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Galaxy Note 4 vs Redmi Note 2 vs iPhone 6: Samsung in Danger with Depressing Q3
- iOS 8 Jailbreak Release Date Likely this October 2014 with Pangu not Evad3rs Firming Up as Creator
- Apple Inc. (AAPL) Stock Set to Soar Beyond $100 Despite Decline After New iPad Launch
- Top 4 Free-To-Download Apps for Fuller iPhone 6, 6 Plus Experience
- Russia Beefs Up Gold Reserves To Offset Heat of Sanctions And Undercut Dollar
- Australia's 'No Way' Anti-Asylum Seeker Poster Sparks Outrage