It could also be probably the most profitable personal fairness corporations on this planet.
But asset large Blackstone’s try at producing a Taylor Swift-inspired Christmas video has not fairly paid the dividends its executives anticipated.
The five-minute sketch confirmed president of the US agency Jon Gray telling the board they wanted ‘to go on tour like Taylor’ earlier than the billionaire asset managers prance round in a music video.
It options most senior figures within the firm, together with chief government Stephen Schwarzman, chief finance officer Michael Chae and world head of company affairs Christine Anderson.
The lyrics of the eye-watering track embrace ‘we purchase belongings and make ’em higher’ and ‘nice returns for establishments and personal wealth options’.
But, sadly for Blackstone, the one factor about its video that might be characterised as ‘swift’ was the pace with which derision adopted.
One main UK hedge fund supervisor mentioned: ‘This is painful past perception. Total hubris. What a bunch of embarrassing clowns.’
Blackstone has produced a Christmas video yearly since 2018, when it copied the mockumentary-style format first popularised in America by the US model of The Office.
Clearly aware of a authorized battle with the popstar who has change into the dominant determine in world music this 12 months together with her sell-out Eras tour, Blackstone didn’t try to instantly copy any of her songs, nor does she seem within the video.
The sketch is premised on the thought of Mr Gray, who pulled in nearly $477m (£376m) final 12 months in pay and dividends, attending a Swift live performance and getting so giddy with pleasure he tries to impose the mannequin of the tour on his unenthusiastic colleagues.
To their dismay, his plan to create Blackstone’s personal model of the Eras tour is given the inexperienced mild by Mr Schwarzman.
The efficiency exhibits senior workers dance and lip-sync lyrics in regards to the agency’s so-called ‘options period’.
It even featured Mr Schwarzman – whose $1.3bn (£1bn) pay packet broke data final 12 months – in a shimmery rainbow jacket just like the one worn by Swift on her tour.
The video was despatched out on Dec 14 morning to workers, buyers, monetary advisers and leaders of portfolio firms, in accordance with Bloomberg.
A scathing piece within the Financial Times famous that feedback on the YouTube video of the sketch had been turned off ‘for some motive’, including: ‘Taylor Swift has loads to reply for.’
Blackstone within the UK is finest identified for its half within the scandal that erupted round care house supplier Southern Cross.
The agency – which sorted 31000 weak individuals – collapsed in 2012 after years of mismanagement.
Blackstone purchased Southern Cross in 2004 for $205m (£162m) and offered it three years later. It is believed to have quadrupled its funding.
But to realize this it offered off the corporate’s properties, robbing Southern Cross of its capital and forcing it to lease the properties again from one other firm.
The disaster is the worst ever to hit the care-home sector.
While their singing expertise might go away one thing to be desired, the agency’s government’s bonuses stay the article of envy amongst their rivals.
Mr Schwarzman’s staggering $1.6bn (£1.3bn) pay packet dwarfs Goldman Sachs chief government David Soloman’s $25.4mn (£20million) and JP Morgan boss Jamie Dimon’s $38m (£30m).
Blackstone was not, nevertheless, not the one monetary firm to unfold doubtful festive cheer this Christmas.
Asset administration firm Apollo Global Management launched a cringe-inducing video that includes CEO Marc Rowan pledging there will probably be ‘no new toys’, however, in what is supposed to be a hilarious misunderstanding, really meant ‘issues for our enterprise’ slightly than youngsters’s toys.
Mr Rowan is value $5.4bn (£4.3bn), in accordance with Forbes journal. He took house a wage of round $304,000 (£240,000) from Apollo final 12 months.
Apollo co-founder Leon Black give up in 2021 over his hyperlinks to paedophile Jeffery Epstein.
