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Best places to work in money management

Blackstone Group

Blackstone sponsors a Women’s Initiative Speaker Series, aimed at fostering diversity and inclusion in the workplace.

First place, money managers with more than 1,000 employees

AUM: $439.4 billion

Employees: 1,809

Blackstone Group LP employees value the firm's culture of collaboration, its meritocracy and its reputation in the industry, all of which were placed under the microscope in February when its founders promoted Jonathan Gray to president and chief operating officer.

Mr. Gray's promotion from global head of real estate was years in the making, giving him time to prepare his team and for the firm to alert the rest of the company as well as the industry.

"Continuity underpins our culture," Mr. Gray said. Blackstone Group executives have worked hard to ensure the firm is a long-term institution, he added.

"Team spirit ... provides platforms for open communication with senior members of the company," one employee said in the survey. "Transparency is highly valued and employees are well-informed of decision-making."

Like many top executives, Mr. Gray has been at the New York-based firm for a long time, joining out of college in 1992.

Mr. Gray joined Blackstone's management committee 11 years ago and the board six years ago. Three years ago, "they brought me into the engine room," he said.

"There was very little or no disruption," he said. "A lot of senior people have been here an awfully long time. It says how people feel about this firm."

Blackstone's culture has made it a sought-after employer, he said. In 2018, Blackstone received 15,000 applications for 86 analyst positions, Mr. Gray noted.

"This the most selective it's ever been," he said. "I often joke, 'Thank God I got a job when I did!'"

Employees point to Blackstone's culture that ensures everyone is given an opportunity to grow.

One employee noted that what makes Blackstone a place where people want to work are its "Clear goals, minimal bureaucracy, no politicians, no arrogant people; many, many good people who work together ... net net, great culture."