Blackstone Group LP vice-chairman J Tomilson Hill, the head of the firm's fund-of-hedge-funds business, earned USD 8.5 million last week by selling a portion of his stake in the world's largest alternative asset manager, according to a filing submitted February 26.
Blackstone Group LP
Hill, who joined the firm in 1993, sold 450,000 shares in the firm, referred to as common units, at a weighted average price of USD 19 on February 22. He continued to directly own 1,045,990 common units after the sale, according to the filing.
The move comes approximately two weeks after firm president Tony James sold 3.5 million shares of the company for a profit of USD 64.2 million.
Blackstone's common units closed at USD 18.43 Tuesday and are up approximately 19 percent for the year as investors bet that a pickup in deal activity will allow the New York-based company to profitably exit more of its investments and reward shareholders.
The share price has fallen 6 percent since hitting a high of USD 19.69 on February 19, their highest price since May 2008.