Blackstone plans to convert to a corporation

Blackstone Group, which has $512 billion in assets under management, has plans to convert from a publicly traded partnership to a corporation.

Blackstone is making the conversion to boost its share price, even as it increases its tax liability. Making the change to a corporation will allow “double the number of people” to buy Blackstone’s stock, CEO Stephen Schwarzman said on CNBC’s Squawk Box.

“If you look at the ability to have people buy your stock: Double the number and we’ll grow more,” said Schwarzman. “That’s just in the U.S. There are people who are non-U.S., in foreign countries; they can’t buy us either.”

Shares of Blackstone surged 7.5 percent April 18, following the announcement, in the firm’s best day of trading since January 2016, closing at $38.62 a share. Blackstone finished the day with a trading volume of 28 million shares.

Under the C-Corp structure, Blackstone will pay corporate taxes on all its revenue, in exch