Blackstone Terminates Ties with Mandelson-Led Global Counsel (GLOCL)

Blackstone (BK) has terminated its advisory partnership with Global Counsel (GLOCL), a lobbying firm led by former UK Labour peer Lord Mandelson. The move follows the Jeffrey Epstein scandal and new DOJ records showing Mandelson sought Epstein’s business after founding GLOCL in 2010. Blackstone stated it never lobbied on behalf of the firm, though prior ties to Westminster included meetings with UK Prime Minister Rishi Sunak and Treasury leader Rachel Reeves. The firm confirmed divestiture of Mandelson’s share to remove voting rights and dividends, and CEO Benjamin Wegg-Prosser will step down. GLOCL, which serves clients including Palantir and Nebius, has been rocked by the controversy and is led by Archie Norman, who said Mandelson has no further role. Mandelson stepped down from the firm’s board in 2024 and fully sold his stake.