Donaldson Lufkin & Jenrette founder Richard Jenrette has joined The Blackstone Group’s board of directors, making him the latest DLJ alum to join the alternative asset management giant. DLJ was founded in 1959 by Jenrette, William Donaldson and Dan Lufkin.
Jenrette served as chairman and chief executive of DLJ, which became the first investment bank to be taken public in 1970. The bank was purchased by Credit Suisse in 2000 for approximately $11.5 billion. He was later chairman and chief executive of The Equitable Companies, now AXA Financial.
Blackstone is home to a plethora of former DLJ executives, most notably the firm’s president and chief operating officer Tony James, who was previously the chairman of DLJ’s banking group.
Blackstone’s private equity group includes a number of senior executives hailing from DLJ including senior managing director Garret Moran, executive director Susan Balloch and senior advisor Jill Greenthal.
In March, Blackstone acquired credit-oriented alternative asset manager GSO Capital, which manages senior debt, mezzanine and hedge funds. GSO is run by the founders of DLJ’s leveraged finance business Bennet Goodman, Tripp Smith and Doug Ostrover. The group was acquired for $620 million with an additional $310 million being paid over a period of five years.
British investment banker Lord Jacob Rothschild has stepped down from Blackstone’s board of directors and will join the firm’s international advisory board.