'Creed III' the ninth Rocky Cinematic Universe film is in theaters March 3. [29], In October 2022, the Grays announced a gift of $55 million[36] to establish the Basser Cancer Interception Institute as part of the Basser Center for BRCA. . Gray was born in Highland Park, Illinois to a Jewish family. For the performance, Blackstone has been richly rewarded. What is the salary of Mr Gray? Today its $160 billion market cap is larger than the combined total of its three largest competitors: Brookfield Asset Management, KKR, and Apollo Global Management. After two months of rest and recovery off the ice, Jonathan Toews is hoping he'll be well enough to make one last twirl with the Chicago Blackhawks before the end of this season. Times Syndication Service. Its distributable earnings jumped 16 percent year-over-year in 2020 as the worlds largest manager of alternative assets such as real estate and private equity capitalized on the capital markets rally following the Federal Reserves moves to support the US economy during the pandemic. He really began to garner major attention on Wall Street during the LBO boom of the mid-2000s when, as co-head of the unit, he oversaw the joint takeover of Trizec and the LBOs of Equity Office Properties and Hilton. April 22, 2021 01:34 PM. Blackstone announced its conversion to a corporation in April 2019. In 2013, Jonathan Gray helped conceive Invitation Homes, a . 2, took home at least $216.1 million in 2020, consisting of $123.2 million in compensation and $92.8 million in dividends from the. It turned out to be a 'perfectly preserved' 30,000-year-old squirrel. [35] In July 2019, it was announced that the Grays would donate a further $25million for research on pernicious genetic mutations that can lead to breast and ovarian cancer. Executive compensation at Blackstone is directly tied to investor and shareholder performance, a Blackstone spokesman said in a statement, adding that most of it reflected realized performance fees from investments and long-dated stock grants. His net worth nearly doubled from $3.9 billion last year. Novartis projects annual sales of as much as $10 billion, as the drug lowers cholesterol dramatically and obviates the need for daily statin pills. Gray himself has a net worth of $7.3 billion. Our Standards: The Thomson Reuters Trust Principles. Despite a robust ego, he has allowed Gray ample leeway to transform Blackstone in his own image. Marc Rowan, Apollos incoming CEO, pocketed at least $92.6 million, comprising $72.3 million in dividends and $20.3 million in distributions from his fund investments. Distributable earnings reached $3.9 billion for the first nine months of 2021, a whopping 108 percent jump from $1.9 billion for the same period last year. The great success of Blackstones real estate foray has meant Wall Street believes Gray, whos spent 26 years at the firm after being hired out of University of Pennsylvania,will one day take its reins. The unit navigated the crisis as other firms faltered. Black, 69, received $423,687 in compensation, $182.3 million in dividends from his Apollo shares and $2.5 million from his personal investments in the firms funds. Blackstone insists it has little to fear from rival asset managers in replicating the Alnylam model with other drug companies. McCormick left the firm of his own volition and stayed on for months after his desired departure date to help ensure a smooth transition, a Blackstone spokesperson said in a statement to Institutional Investor. Pitcher who was drafted by the Colorado Rockies with the third pick of the 2013 MLB Draft. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Over the last 16 years, insiders at Blackstone Inc have traded over $2,308,931,535 worth of Blackstone Inc stock and bought 906,721 units worth $30,000,792 Since Blackstones conversion, Schwarzman has almost tripled his personal worth, to $37 billion, elevating him to the 19th-wealthiest person in the world, according to Forbes. Otherbig recent deals include the $18 billion acquisition of GEs real estate assets and the purchase of Stuyvesant Town / Peter Cooper Village, an 80 acre property with 11,200 units in Manhattan. That tumult proved to be an opportunity for the head of Blackstones real estate business, billionaire Jonathan Gray. In 1992, Gray joined Blackstone's mergers and acquisitions and private equity group,[5] and joined its newly formed real estate private equity group the following year. Before Fame He received his education from the University of Pennsylvania, graduating with degrees in both English and business. Years of turbulence and a shattered global economy have shifted investor sentiment drastically, which seems to be moderating as the world braces for a softer landing than expected. To be sure, great investment returns arent the only predictor of success in running a firm as big and complex as Blackstone. By most estimates we have assessed, Jonathan Gray's net worth is $6.5 billion. Although Schwarzman has not given a hint about when he intends to step down as chief executive, he has left no doubt that Gray is next in line and already exerts almost equal authority at the firm. Partner of Blackstone Inc., Mr. Gray earned a total compensation package of $156,594,170.00 in 2021. It offered to buy half of the future royalties paid to Alnylam by Novartis for $1 billion. According to ratings agency Morningstar, Blackstone posts annual retention rates above 90 percent, compared with the 70 to 80 percent rate registered by more-traditional asset managers. Some Blackstone staff had hoped to design a vehicle for accredited investors with as little as. But passive money managers like mutual funds and index funds had mandates against purchasing shares in listed partnerships. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. The Grays donated $25million to create the Basser Research Center, which focuses on cancer prevention, treatment, and research of BRCA-related, genetically-inherited cancers. BlackRock elbowed out competitors in passive management by relentlessly cutting fees. Mr. Gray also previously served as a board member of Invitation Homes Inc., Brixmor Property Group Inc. and La Quinta Holdings Inc. [39] Gray serves on the board of The Trinity School, as well as on the board of Harlem Village Academies,[40] a group of charter schools in New York City. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. This column explores the idea of the Neurodivergent Way and the value it poses to build a more impactful digital economy. Just recently, Gray had the unpleasant task of replacing a longtime colleague who ran Blackstones large hedge fund business with an executive he recently hired. His net worth has been growing significantly in 2021-2022. All Rights Reserved. Blackstone Group Chief Executive Stephen Schwarzman pocketed at least $610.5 million in 2020 from dividends and compensation, more than any other private equity executive and up 20 percent from last year despite the impact of the COVID-19 pandemic, regulatory filings showed. Blackstone Inc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Schwarzman is giving the charismatic, even-tempered Gray every opportunity to prove he can. With the firm enjoying a ten-year head start in thematic investing, its moat looks impregnable for now. Black, 69, received $423,687 in compensation, $182.3 million in dividends from his Apollo shares and $2.5 million from his personal investments in the firms funds. Jonathan Gray started at asset manager Blackstone Group fresh out of college in 1992 and later rose to head the firm's vaunted real estate group. [20] Gray's boss and Trump's friend Stephen A. Schwarzman quickly dismissed the idea that a slot in a Republican cabinet would be offered to a Democratic supporter like Gray. Last updated: 1 March 2023 at 11:00am EST. President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. Then Novartis, the epitome of Big Pharma, acquired the Medicines Company specifically to mass-produce and distribute inclisarin. With Equity Office Properties, Grays team quickly sold off portfolios of non-core assets, putting the deal in good financial shapeahead of the downturn. The majority of the windfall stemmed from Schwarzmans 19.3 percent stake in Blackstone. His net worth is currently pegged by Forbes at $22.3 billion. We spoke to 50 insiders to break down how Gray went from an analyst in 1992 to the pinnacle of one of the most. Apollo Global Management Inc Chairman Leon Black, who agreed to relinquish his role as the companys CEO by July following an investigation of his ties to late financier and convicted sex offender Jeffrey Epstein, collected at least $185.2 million in 2020, another regulatory filing showed. Instead he left the fundraising pitches to Joseph Baratta, the global head of private equity, and his team. The move is part of a careful succession at Blackstone. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. He soon turned it into the firms biggest cash cow by applying a couple of innovative financial strategies. I studied The Love Jones Cohort and found it was real: More Black Americans with higher education are choosing CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Mr. Gray received a BS in Economics from the Wharton School, as well as a BA in English from the College of Arts and Sciences at the University of Pennsylvania. [3][4] His father Allen Gray owned a small auto parts manufacturer on the West Side of Chicago (coincidentally named Blackstone Manufacturing); his mother Susan, remarried to his stepfather James Florsheim, ran a catering business. McCormick had been sole head from 2018 until Dowling, the former Brown University endowment chief, was hired by Blackstone last January to improve the performance of the hedge fund unit. His net. Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154 . Jonathan Gray's House in Sagaponack, NY (Google Maps) Jonathan Gray's House Sagaponack, New York (NY), US Like Tweet Share Pin Gray runs Blackstone's real estate business and is the latest billionaire to emerge from the world's largest manager of private equity and property. Sign up here. Blackstones fundraising machine slowed last year, and market swings hampered new deals. In October, McCormick stepped down from that role, leaving the other cohead, Joseph Dowling, in charge. By submitting this request, you consent to receive email from Blackstone. After acquiring these properties, Blackstone could sell them in pieces to the highest bidders. That was the point. Just the other week, it announced . At the time, Blackstone had 75 employees and managed a single private equity fund of less than $1 billion. Offers may be subject to change without notice. [27], In February 2023, the Grays were named to The Chronicle of Philanthropys list of the 50 biggest donors in 2022. But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. [5] In August 2013, Bloomberg estimated his net worth at just over $1.0billion due to his owning 40.6million Blackstone shares valued at $913million combined with over $120million in bonuses and salary. He currently resides in Oklahoma, United States. Real estate accounts for 45 percent of Blackstones earnings. 2023 NYP Holdings, Inc. All Rights Reserved, Justin Bieber nears $200M deal to sell music rights: report, Hochuls insane green power scheme may raise New Yorkers power costs, Chuck Schumers son-in-law lands lucrative gig at private equity giant Blackstone, Blackstones decision to give up 1740 Broadway shocks real-estate observers. Blackstone has also been able to expand its range of investors. The first was to use commercial mortgage-backed securities rather than just bank loans to acquire large properties. In return, investors allow Blackstone to lock up their capital for many years. Powered and implemented by Interactive Data Managed Solutions. There are 21 older and 3 younger executives at Blackstone Inc. Blackstone is one of the worlds leading investment firms. In 2018, Jonathan Gray, 50, the manager who built the real estate business, was named president and COO, and he's slated to eventually succeed longtime CEO and cofounder Steve Schwarzman. The University of Pennsylvania today announced a $10 million gift from 1992 Penn graduates, Mindy and Jon Gray, in support of undergraduate financial aid for students from New York City, and the Penn First Plus program for students who are low income and/or the first in their families to attend college. By the time it sold its last stake in Invitation Homes in 2019, Blackstone had earned more than $7 billion, or better than twice its investment. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. [41] In 2021 the Gray Foundation contributed $15 million to a program that opens a college savings account with $100 for every child enrolled in New York City public kindergartens. The eight-person group meets on Wednesday mornings at 8:30 to cover issues from deals in the making to personnel problems to media coverage to government relations. He initially denied Grays request that Blackstone invest an additional $800 million. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. He will oversee Blackstones operations, which span private equity, credit investing and hedge funds, reporting directly to CEO Schwarzman. [7], Gray led Blackstone's LBO of Hilton Hotels, which became the most profitable private equity real estate deal ever, earning $14 billion for the firm's investors. Schwarzman and Gray say that almost three decades of collaboration have diminished the possibility of misunderstandings. Blackstone Chief Executive Officer Steve Schwarzman took home a record $1.27 billion for 2022, as the investing titan continued building his fortune into one of the worlds largest. [27][29] In May 2012, Gray and his wife, Mindy Gray, founded the Basser Research Center,[30] named in honor of Mindy's sister, Faith Basser, who died of ovarian cancer at age 44. He is very tough-minded and determined, says John Waldron, Goldman Sachs president and COO. We've received your submission. Jonathan D. Gray Net Worth. Jonathan D. Gray serves as President, Chief Operating Officer, Mr. Gray was elected to the board of directors effective February 24, 2012. Added James, also a billionaire, One of my most important responsibilities is succession, and I am blessed to have a spectacular leader and investor like Jon Gray to whom I can hand the reins.. A Canadian woman has one month to get rid of more than 130,000 vintage chocolate bars but is struggling to give them away before the expiration date, Leaked Pentagon docs show the shot-down Chinese spy balloon may have had a feature known as 'synthetic aperture radar' that can see through certain materials, WaPo reports, A rare hybrid solar eclipse to take place on April 20, Unpaid subsidies worth 1,200 crore leading to serious liquidity crisis among EV makers, says industry body, Coca-Cola India invests in foodtech platform Thrive, which aims to change the way you order your meal online. $2.5 billion, according to our most recent tally. He is estimated by Forbes to be worth $3.9 billion. He sits on its Management Committee and most of its investment committees. Blackstone President Jonathan Gray, Schwarzmans No. Chairman, CEO & Co-Founder Jonathan Gray* President & Chief Operating Officer Michael Chae Chief Financial Officer John G. Finley Chief Legal Officer Christine Anderson Global Head of Corporate Affairs Joseph Baratta* Global Head of Private Equity Wayne Berman Global Head of Government Relations David Blitzer Global Head of Tactical Opportunities If we have a question about a prospective tenant in BioMed, we can ask Nick for his thoughts about the company, says Kenneth Caplan, global cohead of real estate. The idea behind it is to invest heavily in a promising sector rather than seek out individual acquisitions. 2, took home at least $216.1 million in 2020, consisting of $123.2 million in compensation and $92.8 million in dividends from the companys shares he owns, the filing showed. Blackstone is on pace to reach $1 trillion AUM well before 2026 the target date set by Schwarzman. He sits on its management Committee and most of its investment committees from that role leaving... 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