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Hamilton E. James

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Tony James
Born
Hamilton Evans James

(1951-02-03) February 3, 1951 (age 73)
Wyandotte, Michigan, U.S.
EducationHarvard University (BA, MBA)
TitleChairman of Costco
Board member of
Spouse
Amabel George Boyce
​
(m. 1973)​
Children3

Hamilton Evans "Tony" James (born February 3, 1951) is an American billionaire investment banker. He is the former president, chief operating officer, and executive vice chairman of Blackstone, a New York–based global asset management firm.[1] James has been chairman of the multinational retail chain Costco since August 2017. Since 2021, he has been co-chair of the board of trustees of the Metropolitan Museum of Art in New York.

As of March 2024, Forbes estimated his net worth at US$4.2 billion.[2]

Early life and education

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James is the son of Hamilton Renson James and Waleska James.[3] He grew up as the oldest of four boys in Lincoln, Massachusetts, a suburb of Boston. His father was a management consultant, president of Arthur D. Little International, and a vice president of Arthur D. Little, Inc.[3]

James attended the Choate School (now Choate Rosemary Hall) in Wallingford, Connecticut.[3][4] James then attended Harvard College, where he was a John Harvard Scholar, and graduated magna cum laude in 1973.[5] He earned a M.B.A. from Harvard Business School in 1975, where he was a Baker Scholar.[5]

Banking

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In 1975, James joined investment bank Donaldson, Lufkin & Jenrette (DLJ) and became head of its global mergers and acquisitions group in 1982. He founded DLJ Merchant Banking, Inc in 1985. In 1995, James was appointed chairman of the firm's banking group, a position he held when DLJ was acquired in 2000 by Credit Suisse First Boston (CSFB) and was a member of its board of directors. James served on the CSFB executive board and as chairman of global investment banking and private equity.[6]

Blackstone

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In 2002, James joined Blackstone Inc, a global alternative asset managing firm, taking the post of president and COO. He also served on the firm's executive and management committees, and its board of directors.[6] He organised the initial public offer that took the company public, and also managed the acquisition of GSO, its credit business, worth 178 billion dollars, and its secondaries arm, Strategic Partners.[7][8] He also helped establish Blackstone's Tactical Opportunities section, which grew to have assets worth 34 billion dollars. Under James, Blackstone grew to an investment giant with $731 billion in assets.[7]

Blackstone and James's name arose in a 2007 corporate collusion case, along with fellow private equity giants Bain Capital and Carlyle Group. These three rival firms were accused of colluding with each other to drive down the prices of takeover targets.[9] The three firms agreed to pay a combined $325 million to settle the lawsuit, without admitting wrongdoing.[10]

James also created a private equity trade group to lobby in Washington. It was initially called the Private Equity Council, but was later renamed the American Investment Council.[11]

In August 2017, James was appointed chairman of the multinational retail chain Costco after the death of its co-founder and long-time chairman Jeffrey Brotman. James has been a Costco board director since 1988 and has been its lead independent director since 2005.[12]

In December 2021, James announced his retirement from Blackstone Inc.[7] and opened a family company, Jefferson River Capital.[13]

Politics and policy

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James became a Democratic donor and fundraiser for Barack Obama. In May 2012, James hosted a fundraiser at his home in New York for Obama which raised more than $2 million for the president's reelection campaign.[14] Obama offered James the job of Commerce Secretary but he ultimately turned it down.[15] In 2020 he held a fundraiser for the presidential campaign of Joe Biden, which raised over two million dollars.[16]

In 2015, James was appointed to the Port Authority Board of Commissioners. Critics pointed out his lack of experience with transportation issues, and charged that Blackstone had recently purchased half of fellow commissioner Scott Rechler’s New York real estate portfolio.[17][18]

In 2016, James co-authored a book, Rescuing Retirement, with Teresa Ghilarducci.[19]

Since 2014, James has served as a member of the board of the Center for American Progress (CAP), a progressive public policy research and advocacy organization.[20]

In 2023, James was appointed by President Biden to the President's Intelligence Advisory Board.[21]

Metropolitan Museum, culture and environment

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James joined the board of trustees of the Metropolitan Museum in 2010, and became the chairman of the museum's finance committee in 2014. In 2020, as the museum struggled with a revenue loss of 150 million dollars due to the COVID-19 pandemic, James was named co-chair of the board of trustees, sharing the leadership with attorney Candace Beinecke, beginning in January 2021. This was the first time the museum has had two chairpersons.[22]

In addition to the Metropolitan Museum, he served on the boards of several cultural and environmental organizations, including the Second Stage Theatre, Trout Unlimited, the Woods Hole Oceanographic Institute, the Wildlife Conservation Society, and Montana Land Reliance. He was formerly the chairman of the board of trustees of the American Ballet Theatre.[22]

Personal life

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In August 1973, James married Amabel George Boyce, the daughter of John C.G. and Barbara Boyce of Lutherville, Maryland, and Wequetonsing, Michigan.[3] They have three children.[23][24][25]

In 2011, it was reported that James, after having lived at 1001 Park Avenue since the 1980s, spent $24.9 million on an apartment at 834 Fifth Avenue, New York City, previously owned by theater director and producer Hal Prince.[26][27]

References

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  1. ^ "Our People". The Blackstone Group. October 17, 2002.
  2. ^ "Forbes profile: Hamilton James & family". Forbes. Retrieved March 2, 2024.
  3. ^ a b c d "Amabel Boyce Plans Nuptials". The New York Times. April 22, 1973. Retrieved April 18, 2018.
  4. ^ Flaherty, Michael (July 5, 2007). "Blackstone's president faces major test". Reuters. Retrieved July 5, 2007.
  5. ^ a b "Biden Appoints Two New Members to President's Intelligence Advisory Board". hstoday.us. March 3, 2023.
  6. ^ a b Sender, Henny. "At Blackstone, James Builds A Following". The Wall Street Journal. Archived from the original on November 30, 2015. Retrieved March 23, 2007.
  7. ^ a b c Gottfried, Miriam (December 2, 2021). "Blackstone's Tony James, the Firm's Executive Vice Chairman, to Retire". The Wall Street Journal.
  8. ^ Oguh, Chibuike (December 2, 2021). Porter, Mark (ed.). "Tony James to retire as Blackstone executive vice chairman". Reuters.
  9. ^ Jeffrey, Don; Banerjee, Devin (October 11, 2012). "Blackstone, KKR, Bain Accused in Suit of Agreeing Not to Compete". Bloomberg. Retrieved June 3, 2020.
  10. ^ Alden, William (August 7, 2014). "K.K.R., Blackstone and TPG Private Equity Firms Agree to Settle Lawsuit on Collusion". DealBook. Retrieved June 3, 2020.
  11. ^ Peterson, Jonathan (November 23, 2007). "Buyout firms are selling – a new image". Los Angeles Times. Retrieved June 3, 2020.
  12. ^ "Costco names longtime director as new chairman". Seattle Times. August 10, 2017.
  13. ^ Stupples, Benjamin (January 6, 2023). "Blackstone Billionaire James's Family Office Hires Forman for CIO". Bloomberg.
  14. ^ Epstein, Jennifer. "Obama defends Wall Street record". Politico. Retrieved May 14, 2011.
  15. ^ Roumeliotis, Greg (December 4, 2014). "Exclusive: Tony James looks beyond Blackstone – sources". Reuters. Retrieved June 3, 2020.
  16. ^ "Biden Administration: Bundlers". OpenSecrets. Retrieved April 16, 2023.
  17. ^ Strunsky, Steve (June 4, 2015). "If Port Authority needs commissioners with transit experience, why did Cuomo nominate 2 with none?". NJ.com. Retrieved June 3, 2020.
  18. ^ Kurson, Kurt (June 16, 2015). "Cuomo KO's Christie in Port Authority Bout". Observer.com. Retrieved June 3, 2020.
  19. ^ Thomas Jr., Landon (November 14, 2016). "A Concerned Billionaire Develops a Plan for Retirements". The New York Times.
  20. ^ "Hamilton ("Tony") E. James Profile at Blackstone.com". The Blackstone Group. October 17, 2002. Retrieved May 18, 2017.
  21. ^ "President Biden Announces Key Appointments to Boards and Commissions". whitehouse.gov. March 3, 2023.
  22. ^ a b Pogrebin, Robin (November 10, 2020). "Met Museum Board Will Have Two Leaders for the First Time". The New York Times. Retrieved November 11, 2020.
  23. ^ "Forbes profile: Hamilton James". Forbes. Retrieved April 18, 2018.
  24. ^ "Barbara C. Boyce, 88, St. Paul's School administrator". The Baltimore Sun. November 9, 2005. Retrieved August 10, 2018.
  25. ^ "Barbara Boyce Obituary – Baltimore, MD". Baltimore Sun. Retrieved August 10, 2018 – via Legacy.com.
  26. ^ "Blackstone's Tony James Ascends to Heaven, Buys Hal Prince's 834 Fifth Duplex". Observer.com. July 19, 2011. Retrieved April 18, 2018.
  27. ^ David, Mark (October 13, 2011). "Floor Plan Porn: 834 Fifth Avenue". Variety. Retrieved April 18, 2018.
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