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Blackstone general partner's board member steps down

Peter Grauer has stepped down as a board member of Blackstone Group LP's general partner, Blackstone Group Management LLC.

Grauer's action is related to Blackstone funds' pending acquisition of a majority stake in Thomson Reuters Corp.'s financial and risk division, a direct competitor of Bloomberg LP where he serves as board chairman. He is not legally required to resign, but he believes it was the appropriate step given the appearance and potential of a conflict, Blackstone said in a regulatory filing.

With Grauer's departure, the size of the Blackstone Group Management board was reduced to 10 from 11 members.