NEW YORK- Blackstone Group LP Chief Executive Stephen Schwarzman took home $810. 6 million (S$1.14 billion) in 2015, after the New York-based asset manager returned a record amount of cash to its shareholders following a wave of lucrative asset sales.
The hefty payout represented a 17 per cent rise in Schwarzman's earnings compared with 2014, in line with a solid rise in Blackstone's cash earnings last year.
Blackstone's distributable earnings rose 25 per cent on an annual basis in 2015 to $ 3. 8 billion.
Schwarzman received $89. 5 million in compensation, $644. 8 million in dividends from his Blackstone shares, $65. 6 million for his investments in Blackstone funds, and $ 10. 8 million for tax benefits related to his stake in the company before its 2007 listing, a regulatory filing showed on Friday.
Founded in 1985 by Schwarzman and Peter Peterson for $400,000, Blackstone manages some $336 billion worth of assets.
The son of a dry goods store owner, Schwarzman, 69, is ranked by Forbes as the 100th richest man in the United States, with an estimated net worth of $12 billion.
Blackstone President Tony James took home $236. 2 million last year, the filing showed.
James' earnings comprised $75. 9 million in compensation, $89. 5 million in dividends from his Blackstone shares, $68. 5 million for his investments in Blackstone funds, and $ 2. 3 million for tax benefits related to his stake in Blackstone before the firm's initial public offering.