Like the letters on a lighted marquee going dark one by one, Blackstone Group Inc. has been losing the co-founders of its $139 billion credit business, GSO Capital Partners. The “O” left first, in 2015. “S” followed in 2018. Now, finally, the “G” -- Bennett Goodman -- is making his exit.
For months, speculation has swirled on Wall Street that Goodman, 62, might join one of his former partners at a rival firm. But in an interview he said “there’s no plan to get the band back together.” Instead, Goodman intends to build a family office and explore opportunities to invest the wealth he’s amassed over 35 years in finance. That means giving up most of his duties on Dec. 31, stepping down as a senior managing director and board member while continuing to advise parts of Blackstone’s business.
