Today, as it utterly dominates passive investing, BlackRock has assets under management 13 times Blackstones asset total. BlackRock elbowed out competitors in passive management by relentlessly cutting fees. But were not resting on our laurels.. He kept a very steady hand on the wheel.. Schwarzman still rues the lost opportunity to combine the worlds largest asset manager and largest alternative-asset manager under one roof. He soon turned it into the firms biggest cash cow by applying a couple of innovative financial strategies. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Gray went on to craft three deals that transformed not only Blackstone but the real estate industry and made him the prohibitive favorite to someday succeed Schwarzman. As the Gen. You have to sometimes make calls where you have to promote one person and there are two or three talented candidates, says Gray. A prime example of this arrangement is Alnylam Pharmaceuticals, which is both a Blackstone business partner and a laboratory and office tenant in a Cambridge, Massachusetts, building owned by BioMed. That advice has served Gray well in the occasional disagreements that have arisen with Schwarzman and other senior partners. Blackstone President Jonathan Gray, Schwarzman's No. The 5 best supplements for healthy aging, according to a longevity expert, Elon Musk says he learned a lot today after cancelling SpaceXs giant rocket launch at last minute. [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. But though Gray maintains a low profile, Schwarzman splashes his name across his projects, such as the renovation of the New York Public Librarys Beaux Arts main building. Clients agree to put up capital for indefinite periods while accepting steady, predictable returns for themselves and generous fee-earning income for Blackstone. Corner Office. He initially denied Grays request that Blackstone invest an additional $800 million. Insiders trading at Blackstone Inc Over the last 16 years, insiders at Blackstone Inc have traded over $2,301,594,335 worth of Blackstone Inc stock and bought 906,721 units worth $30,000,792 . Blackstone is one of the worlds leading investment firms. I own a lot of stock, and I invest in all of our funds, so the firm is my family office, Schwarzman, 76, said at an industry conference this year. But the younger man was insistent. [5] He was elected Phi Beta Kappa. Above all, Schwarzman wanted to avoid the painful succession struggles seen at so many other prominent firms. Jonathan Gray is 50, he's been the President, Chief Operating Officer, and Director of the General Partner of Blackstone Inc since 2018. Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. For information on our privacy practices see our Privacy Policy. Gray's family owned a small auto parts manufacturer in Chicago named Blackstone Manufacturing -- no relation to Blackstone Group -- and sold it in the 1970s. 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. Jon Gray, the Highland Park native and billionaire who oversees global real estate for New York-based private equity giant Blackstone, and his wife, Mindy, earlier this month paid $3.7. If you're happy with cookies click proceed. As the Gen. Earlier this year, Morgan Stanley chairman and CEO James Gorman disclosed a list of four possible successors all male executives. 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. Schwarzman has often said his greatest failure was the conflict that led to his 1994 breakup with Larry Fink and the precursor of his BlackRock, in which Blackstone had a 35 percent stake. Blackstones fundraising machine slowed last year, and market swings hampered new deals. Since then, its share price has risen 400 percent. SHARE THIS ARTICLE A decade ago, Blackstone's Jon Gray was fresh off two multibillion-dollar real estate acquisitions, Equity Office Properties and Hilton, and he was working around the clock. It came as no surprise when Gray was named president and COO in 2018, replacing James, who became vice chairman (and will retire in January). . Gray was born in Highland Park, Illinois to a Jewish family. The annual haul, up from about $1.1 billion a year earlier, underscores Schwarzmans status as one of Wall Streets highest earners with a net worth of $30.6 billion, according to the Bloomberg Billionaires Index. But he communicates and listens well, so hes hard not to like even when youre disagreeing with him.. Jonathan ("Jon") Gray, president and COO of the Blackstone Group, vaulted into the ranks of the world's 500 richest people after shares of the investment giant have soared amid a flurry of dealmaking and strong earnings. Like Schwarzman, who is worth $12.8 billion according to Forbes, Gray has built a massive fortune in his years running real estate for the company. These kinds of acquisitions create ample opportunities for cross-collaboration between Blackstones businesses. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. Schwarzman refused to dilute his and his partners holdings. He ranks as the 495th wealthiest person in the world. The most recent stock trade was executed by Joseph Baratta on 1 April 2023, trading 85,000 units of BX stock currently worth $7,337,200. In 2003, thenpresident and COO Hamilton Tony James had informed Schwarzman that he was determined to retire at age 70. As the President, Chief Operating Officer, and Director of the General Partner of Blackstone Inc, the total compensation of Jonathan Gray at Blackstone Inc is $98,994,200. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. A month ago, JPMorgan named two co-presidents and co-COOs, sharpening its succession plans for when CEO Jamie Dimon steps down. If the drug, inclisiran, gains the approval of regulatory agencies and proves to be a blockbuster, Blackstone will be paid back in royalties from sales. [1] He is also chairman of Hilton Worldwide.[2]. 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[6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. But Alnylam still needed to incur onerous development costs of $2 billion before inclisarin could receive the go-ahead from regulators and begin to be mass-marketed. Implement the following strategies to remove your daily blocks, become more self-aware and advocate for yourself. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. Last year, the firm sold Logicor for $14 billion in its biggest-ever real estate sale. He got caught up in the dot-com frenzy and bought two single-story buildings in Silicon Valley. Then came Trumps 2018 reduction of the corporate tax rate, from 35 percent to 21 percent. The new Ardbeg BizarreBQ channels the distillerys fun-loving spirit and creativity into a bottle that fully embraces smokein this case, barbecue smoke. Both are generous philanthropists. 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. News coverage focused on the absence of women candidates. Schwarzman can occasionally arouse the ire of rivals and critics with intemperate remarks. 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. The move is part of a careful succession at Blackstone. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. Jon Gray has been a strong performer for many years, says Steven Kaplan, a University of Chicago business professor who does research on corporate successions. Soon after the listing came the worst real estate downturn in at least a generation and it sat at the epicenter of a severe financial crisis. For example, a tenant leasing space from a Blackstone-owned real estate company may also be developing a breakthrough medicine in which Blackstone has invested. Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. [1] He is also chairman of Hilton Worldwide. With Hilton showing good returns in the aftermath of the financial crisis, Gray led Blackstone into its most controversial investment: rental homes. Blackstone insists it has little to fear from rival asset managers in replicating the Alnylam model with other drug companies. When private equity giant Blackstone Groupwent public in 2007, fewerthan a quarter of its $79 billion in assets under management were tied to real estate. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. [38], In November 2016, The New York Times reported on a $10million donation from the Grays to finance a pilot program that creates college savings accounts for thousands of New York City public school kindergartners. Jon Gray. National /. The houses were renovated, put up for rent, and maintained by Invitation Homes, a company created by Blackstone. Across Wall Street, succession planning has been a major story for the past 18-months. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. Jonathan Gray was born in Manhattan, New York in February 1970. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. Schwarzman has made it easy for Gray in other ways as well. In August 2013, Bloomberg estimated his net worth at just over $1.0 billion due to his owning 40.6 million Blackstone shares valued at $913 million combined with over $120 million in bonuses and salary. Global Financial Leaders' Investment Summit, "Jon Gray Skips Party, Afraid Record Buyout Will Fail", "Blackstone Reports Record Year: Jonathan Gray's Real Estate Group Chips In 60% Of The Profits Jewish Business News", "Jonathan Gray, Blackstone's Real Estate Wizard Behind the Curtain" By Matt Chaban, "Jon Gray is the future of Blackstone. But Schwarzman prides himself on learning from past errors. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. After the crisis, Grays unit oversaw the creation of Invitation Homes, the nations largest single family home rental firm, which now carries a market cap exceeding $11 billion. Among Grays big philanthropic endeavors are his alma mater UPenn, where hes donated $30 million to support cancer research. For him, the greatest comfort zone is overseeing investment strategy. Though Alnylam would still have to raise $1 billion in the equity market, it was a more palatable solution for shareholders. Is there a more compelling business plot for a Netflix melodrama than the clash between the founder of a financial services giant and the anointed successor? 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. 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. Blackstone will provide Alnylam up to another $1 billion aimed at late-stage development of other pharmaceuticals in its pipeline. KKR decided to convert to a C-corporation and saw its share price shoot up. Fee-related earnings now account for about two thirds of Blackstones distributable earnings annually, up from only a third just four years ago. Blackstones traditional buy it/fix it/sell it investments account for $531 billion AUM. Just over a year ago Goldman Sachs, headed by Lloyd Blankfein, named investment banker David Solomon and CFO Harvey Schwartz as co-presidents, firming up its succession plans. He is very tough-minded and determined, says John Waldron, Goldman Sachs president and COO. Meanwhile, James will take on more responsibility at the board level as executive vice chair. In 1985, the two men left Lehman to found Blackstone, with each putting up $200,000 in capital. The majority of the windfall stemmed from Schwarzmans 19.3 percent stake in Blackstone. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. In that deal, Gray threaded the needle of fraught New York City politics and the scar tissue from Stuy Towns bankruptcy after a 2007 LBO. Though neither is paid an annual cash bonus, they still collect more than the CEOs of Wall Streets biggest investment banks, where compensation packages for the top brass usually tally into the tens of millions. Just the other week, it announced . For the performance, Blackstone has been richly rewarded. Stone. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Gray points to last-mile logistics warehouses as the poster child for thematic investing. This wasnt hard.. It seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. The appointment of Jon as President and COO lays the foundation for the next generation of senior management and positions the firm well for future leadership, said Blackstones billionaire co-founder and CEO Stephen Schwarzman. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. Donald Trumps real net worth? There are 18 older and 7 younger executives at Blackstone Inc. Some Blackstone staff had hoped to design a vehicle for accredited investors with as little as. Still, Blackstones dealmakers were able to generate more from selling out of deals in 2022 than the prior year. But it was a valuable experience at a relatively young age as an investor.. Mr. Gray previously served as the firm's Global Head of Real Estate, which he helped to build into the largest real estate platform in the world. Under 74-year-old cofounder, chairman, and CEO Stephen Schwarzman, there has been a slow-motion, drama-free passing of the baton to Jonathan Gray, 51, now the president and COO, without ruffling feathers among colleagues. According to JLL, a leading real estate services company, life sciences real estate investments account for about a third of worldwide spending on commercial properties this year. [5] His parents divorced when he was young. 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. . In return, investors allow Blackstone to lock up their capital for many years. Residential Links: www.bloomberg.com By: Xeba73 Advertisement Despite a robust ego, he has allowed Gray ample leeway to transform Blackstone in his own image. Now the question is, can he manage?. And Schwarzman has become a billionaire many times over. Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. Today it has nearly 3,800 employees and manages assets worth $731 billion. With Gray assuming more day-to-day CEO functions, Schwarzman at times chooses to act more like an executive chairman. This is where all major decisions for the firm are made, says Schwarzman. With no other heirs apparent in sight, nobody was forced to depart. In effect, [he learned] by watching Tony and myself doing our jobs, explains Schwarzman. ), Its hard to find anybody who has unkind words for Gray. So, how much is Jonathan D. Gray worth at the age of 52 years old? That is an increase from the prior year. . His net worth nearly doubled from $3.9 billion last year. Biography Timeline Investment giant recorded $3.4B net income in Q1. In 2007, he acquired Equity Office Properties from real estate mogul Sam Zell for $39 billion. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. 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