Oct. 26 (Bloomberg) -- Blackstone Group LP President Tony James this week sold about $88.6 million in company stock, at least his third sale of the year, as shares trade near a six- year high.
James sold 3.25 million shares between Oct. 23 and Oct. 25 at prices ranging from $26.71 to $27.85, according to a filing with the U.S. Securities and Exchange Commission. The sales were through a company controlled by James, his spouse and a trust for his children, the filing said.
Shares of Blackstone, the world’s biggest manager of alternative assets such as private equity and real estate, fell 25 cents to $26.71 yesterday in New York Stock Exchange trading. The stock is up 71% year to date. On Oct. 22, the stock closed at $28.53, its highest price since 2007, the year the company went public.
In two other sales this year, James sold 3.5 million shares, valued at about $64.2 million, in February. Filings indicate he sold 1.5 million shares, worth about $34.2 million, in July.
Company officials weren’t immediately available for comment outside of normal business hours.
On Oct. 17, Blackstone said assets under management rose 8.1 percent in the third quarter to an industry record of $248.1 billion as of Sept. 30. The firm has $41.4 billion in unspent committed capital.
It also said that day profit for the period rose 3 percent as gains in property holdings offset a decline in its buyout unit.
--With assistance from Devin Banerjee in the New York newsroom. Editors: Sylvia Wier, Nancy Moran