Blackstone is celebrating being added to S&P 500 which is a big feat for U.S. companies.
“Inclusion in the S&P is another important milestone for Blackstone, coming on the heels of crossing $1 trillion in assets under management,” Blackstone said in a statement to FOX Business. “We are gratified to be joining the S&P 500 and pleased that this will make our stock even easier for shareholders to access.”
The firm’s celebration, which included CEO Steve Schwarzman, was posted on social media.
“It’s a great thing for the firm. I think it’s a mark that we’ve been in business for 38 years. It says Blackstone is now a grown up,” Schwarzman said on Instagram, while the company called it an “important milestone” on X, formerly Twitter.
“Blackstone’s inclusion in the S&P 500 highlights the ongoing shift in the financing markets, where private lenders and debt fund managers are steadily gaining more market share compared to traditional banks” Ran Eliasaf, founder and managing Partner at Northwind Group told FOX Business.
“With assets under management reaching $1 trillion and a market capitalization of approximately $140 billion, their presence in the S&P 500 demonstrates alternative asset managers ability to deliver strong returns and highlights the sector’s growing importance in shaping the financial industry’s future.”
The stock has gained 54% year-to-date, but the move to the global benchmark is expected to boost Blackstone’s share recognition and accessibility to investors.
Blackstone and Airbnb replaced Lincoln National and Newell Brands in the 500. Meanwhile, both Lincoln and Newell will now list under the S&P SmallCap 600.
As part of S&P Global’ s other rebalances, S&P 500 constituent Deere & Co. replaced Walgreens Boots Alliance in the S&P 100, with Walgreens no longer representing the mega-cap market space.
Walgreens Boots Alliance will remain in the S&P 500.