![]() The firm said its primary business, which includes buying and selling companies and real estate assets, as well as lending to such companies and buying their debt, places restrictions on the use of its advisory arms, hindering their growth. There is no suggestion that any specific regulatory action led to Blackstone’s decision. The surprise move is a stark example of potential conflicts of interest that could arise in companies with unwieldy, sprawling interests and attract regulatory scrutiny.īlackstone started three decades ago as an advisory business, but has since grown into a diversified alternative asset manager with more than $300 billion under management in private equity, real estate, credit and other assets. ![]() The tax-free spin-off is expected in 2015. The new publicly traded company could be valued at $1 billion to $2 billion (1.24 billion pounds), a person close to Blackstone said. ![]() The advisory business, which includes mergers and acquisitions, restructuring and private equity fundraising, will merge with a firm founded last year by Taubman, a former Morgan Stanley MS.N president who has been behind some of the biggest mergers in recent years. NEW YORK (Reuters) - Blackstone Group LP BX.N said on Friday it would spin off its advisory units into a company headed by star Wall Street investment banker Paul Taubman, to avoid potential conflicts of interest in the sprawling private equity empire.
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