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Richard Jenrette joins Blackstone’s board of directors

The Blackstone Group has announced that Richard H.

The Blackstone Group has announced that Richard H. Jenrette, who founded investment bank Donaldson Lufkin & Jenrette in 1959 with William Donaldson (later chairman of the Securities and Exchange Commission) and Dan Lufkin, has joined the firm’s board of directors.

Jenrette was chairman and chief executive of Donaldson Lufkin & Jenrette and was responsible for taking the firm public in 1970, making it the first publicly-traded investment banking firm in the US. He later became chairman and chief executive of the Equitable Companies.

Jenrette is also a former chairman of the Securities Industry Association and has been a director or trustee of McGraw-Hill, Advanced Micro Devices, the American Stock Exchange, the Rockefeller Foundation, the Duke Endowment, the University of North Carolina, New York University and the National Trust for Historic Preservation.

‘I have known Dick for almost 40 years, so I am absolutely delighted to have him join our board of directors,’ says Blackstone chairman and chief executive Stephen A. Schwarzman. ‘Dick is a leading figure in the world of finance and Blackstone will greatly benefit from his expertise, record of innovation and many leadership roles in the financial services sector.’

Jenrette says: ‘I have watched Blackstone evolve over the years into one of the world’s great alternative asset managers. I am very pleased to become associated with the firm in this new role.’

Lord Jacob Rothschild is stepping down from Blackstone’s board. ‘It has been a distinct honour and privilege for us to have Jacob on our board of directors and we have benefited from his wide range of banking knowledge and many years of experience,’ Schwarzman says.

‘We regret his decision to step down from our board, but we are delighted to have the continued benefit of his counsel as he has accepted our invitation to serve on our international advisory board.’

The Blackstone Group’s businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds, as well as financial advisory services including mergers and acquisitions advisory, restructuring and reorganisation advisory and fund placement services.

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