London, Paris 30th March, 2009 – The Blackstone Group (NYSE:BX) today announces that it has expanded its International Corporate M&A and Restructuring Advisory network with the opening of a Paris office and the appointment of Jean- Michel Steg as a Senior Managing Director. The French Advisory team will report into Blackstone’s European headquarters in London.
The initiative further strengthens Blackstone Advisory’s established global presence, which now comprises 190 professionals across the US, Asia and Europe. In September, Blackstone also announced the appointment of a twelve strong team of advisory professionals in Asia, based in Hong Kong and Beijing.
John Studzinski, Global Head of Blackstone’s Corporate Advisory Group, commented on the announcement: “Having local presence on the ground in France will give us access to new opportunities that are in line with our business objectives and allows increased reach in Continental Europe for our existing clients. Jean-Michel is an accomplished and respected banker in Europe and we’re delighted that he is joining the Blackstone team. The announcement highlights the importance we place on the region.”
Mr.Steg added: “The world has changed in the last year and with that we have seen increased growth in the need to provide clients with clear, efficient financial advisory services with senior level attention. Blackstone Advisory’s independent status allows for this kind of quick decision making and conflict-free work, which is very appealing to me.”
Mr. Steg spent 16 years at Lazard Freres in New York and Paris before joining BZW investment bank as MD in Paris. From there he joined Donaldson, Lufkin & Jenrette where he spent three years as MD and Head of Investment Banking France before taking on the same role for Goldman Sachs in France for three more subsequent years. Mr. Steg has spent the last five years as Head of Banking France and Belgium for Citigroup. He was educated at the Institut d’Etudes Politique de Paris, received a Masters from the Sorbonne University in Paris and received his MBA from Harvard Business School.
The announcement of an Advisory office in France follows shortly after the appointment of Ambassador Gérard Errera in France as a Special Advisor and member of Blackstone’s International Advisory Board. Mr. Errera focuses on developing business initiatives and advising companies and governments for each of Blackstone’s key businesses throughout France and globally, drawing from his strong international career of working with Governments and Regulators. Mr. Errera spent the last two years as Permanent Secretary for The French Ministry of Foreign Affairs and prior to this was the French Ambassador to the United Kingdom for five years. He also served as the French Ambassador to NATO and Director General for Political Affairs.
For more information contact:
The Blackstone Group, New York
The Blackstone Group, London
+1 212 583 5871
+44 (0)20 7451 4344
About The Blackstone Group
Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of corporate private equity funds, real estate funds, funds of hedge funds, credit-oriented funds, collateralized loan obligation vehicles (CLOs) and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com.