To avoid conflicts of interest

Blackstone to Spin Off Financial Advisory Business

Date:

Blackstone to Spin Off Financial Advisory Business

Author: Alicia Miguel

  1. The new entity will be an independent, publicly traded company, which will be led by Mr. Taubman, 53, as Chairman and Chief Executive Officer
  2. Upon completion of the spin-off, Blackstone’s current unitholders will initially own approximately 65% of the new entity
  3. "We have not been free to aggressively grow our advisory businesses further out of concern for potential conflicts"
  4. Blackstone’s advisory businesses generated approximately $380 million of revenue for the twelve months ending June 30, 2014
  5. "The separation of our investing and advisory areas will create new growth opportunities for both businesses”