Blackstone's Steve Schwarzman tells the behind-the-scenes story about the similar names. And every time that happens I get a real chuckle," Schwarzman said. He speaks on “Market Makers.” (Source: Bloomberg) Copyright © The Economist Newspaper Limited 2021. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. Get this delivered to your inbox, and more info about our products and services. As late as 2007 the two firms had similar market values. It stands for a time-honoured formula of brain power, high fees and specialisation. It gauges the firms’ size, the bosses’ personal wealth, the wealth created for clients and also for shareholders, and the influence the two men wield beyond their own companies. '", Schwarzman said he told Fink it was a "good idea," despite outside advisor warnings to both of them to "make sure you don't have a name that's similar" because "it will completely confuse people. See how working at The Blackstone Group vs. BlackRock compares on a variety of workplace factors. It stands for computing power, low fees and scale, and is booming. The best way for Mr Schwarzman to serve his shareholders would be to convert Blackstone from a fiddly partnership to a normal firm, which would command a higher valuation. Mr Fink, once the underdog, is on top. Overlapping area represents the amount of risk that can be diversified away by holding BlackRock Inc and The Blackstone Group L P in the same portfolio assuming nothing else is changed. In addition to a summer internship, candidates may also receive a merit award of $17,500. By comparing employers on employee ratings, salaries, reviews, pros/cons, job openings and more, you'll feel one step ahead of the rest. Both have created wealth for their shareholders, but, again, BlackRock is ahead, with a boost of $50bn-70bn (depending on the method and including cash returned to shareholders) against $32bn at Blackstone over the past decade. Your browser does not support the