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Billionaire US private equity executive Stephen Schwarzman is to receive an honorary British knighthood for services to philanthropy.
The award was announced by the British embassy in Washington, and confirmed in a statement released by Blackstone, the company Schwarzman founded.
Retired General Mark Milley, former chairman of the US joint chiefs of staff, will also receive an honorary knighthood, the embassy statement said.
In his statement, Schwarzman said he was “deeply humbled to receive this honour and cherish my long-standing ties with the UK”.
Knighthoods are reserved for those who make a “pre-eminent contribution in any field of activity”. Other American business leaders who have received the award include Disney chief executive Bob Iger and Bloomberg founder Michael Bloomberg.
Blackstone is one of the largest investors in the UK and has been doing deals in the country since 1998 when it bought The Savoy Group hotel business.
Since then, the $1tn asset management giant has invested more than £70bn in the country, buying large companies such as Legoland owner Merlin Entertainments and property that spans residential housing, railway arches and dozens of logistics warehouses.
Last month, Blackstone began construction on a new 226,000 square foot building that will serve as its European headquarters. The opening ceremony was attended by UK Prime Minister Rishi Sunak and the US ambassador to the UK.
Blackstone has been aggressively expanding in London in recent years and says it now employs more than 600 people, double the figure it employed about three years ago.
Alongside his group’s growing influence in the UK, Schwarzman has also donated to a number of UK institutions including a £185mn gift to Oxford university to finance the building of a new centre for its history and humanities faculties.
Schwarzman said he had “great admiration for the UK’s world-class educational institutions, such as the University of Oxford”.
He is one of Wall Street’s best-paid executives and recently pocketed nearly $900mn in pay and income. This was substantially lower than other payouts he has received in recent years. In 2022, he earned $1.3bn and the year before more than $1bn.
Shonda Rhimes, the television producer behind the hit series Bridgerton, Grey’s Anatomy and Scandal, was made an honorary Commander of the British Empire (CBE) — a lesser award than a knighthood, the embassy statement said.
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