Blackstone Group LP vice chairman J. Tomilson Hill, the head of the firm's fund-of-hedge-funds business, earned $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.
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 $19 on February 22. He continued to directly own 1,045,990 common units after the sale, according to the filing.
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The move comes approximately two weeks after firm president Tony James sold 3.5 million shares of the company for a profit of $64.2 million.
Blackstone's common units closed at $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 $19.69 on February 19, their highest price since May 2008.
(Reporting By David Randall; Editing by Bernard Orr)