$14 Trillion Asset Manager BlackRock Unveils its Newest Weapon in Wall Street ‘Alts’ Talent War: Profit Sharing from Private Markets—Fortune

As competition for private markets talent accelerates, Farient Advisors Partner and COO R.J. Bannister provides clear perspective on how carried interest is reshaping executive pay in private markets.

Speaking with Fortune, Bannister explained that “There has been a flow of talent from the public company investment sector to the private company sector,” driven largely by “the more lucrative pay amounts from carried interest programs.” BlackRock’s new executive carry program reflects that reality, offering senior leaders a direct share in long-term private markets profits.

Bannister also points to the structure behind the upside. The program includes strict forfeiture provisions that wipe out both vested and unvested carry if executives leave for a competitor—an increasingly common but powerful retention tool as BlackRock competes more directly with private equity firms.

For boards and compensation committees, Bannister’s insight highlights a broader shift: as firms deepen their exposure to alternatives, carried interest is becoming a core mechanism for aligning pay, performance, and retention.

Read the full Fortune feature to see how BlackRock’s executive carry program signals where executive compensation in private markets is headed.

Read more

 

About R.J. Bannister

Partner, COO, Farient Advisors/GECN Group, New York

New York: (646) 626-6929
Mobile: (917) 747-3985
rj.bannister@farient.com

R.J. has 30-plus years of experience consulting to the S&P 1500 and large private companies representing the board’s compensation committee or management, and sometimes both parties. R.J. has worked with hundreds of companies on their total rewards strategy and executive compensation philosophy to align pay programs with business strategy. His ability to create alignment results from deep insights on industry and compensation trends; sophisticated financial, market, and compensation analytics; and impactful, easy-to-implement solutions. He has worked in nearly every industry sector and extensively with private equity companies. Before joining Farient, R.J. was the founder and CEO of Bannister Group LLC, an executive compensation and total rewards consultancy he founded in 2019 after retiring as a managing director from Willis Towers Watson. R.J. holds an MSc in economics from the London School of Economics and a BS in economics from the University of Pennsylvania’s Wharton School with a triple concentration in corporate finance, strategic management, and international political science.

Click here to meet the rest of the team.