Blackstone (NYSE: BX) recently reached a huge milestone when it surpassed over $1 trillion in assets under management (AUM) in the second quarter. It became the first global alternative asset manager to hit that level and will add another notch to its belt when it joins the S 500 index later this month.

Every quarter, S Dow Jones Indices (a joint venture between S Global and CME Group) rebalance the index, removing those companies that no longer meet eligibility requirements while replacing them with newcomers that do. The addition to the S 500 is a significant accomplishment, since the index is one of the most common benchmarks for measuring the stock market's performance.

Morgan Stanley said its addition to the index was "a major milestone" that could lay a foundation for other companies like it. Here's why this news is a big deal.

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Source Fool.com