Wednesday, 23 July 2014
Last updated 1 hour ago
Feb 3 2011 | 2:02pm ET
The Blackstone Group said its fourth-quarter profits rose more than 50%, the seventh-straight quarter in which the world's largest private-equity firm has posted a year-on-year gain.
The New York-based firm said it earned $512.7 million, excluding some initial public offering costs, in the three months ended Dec. 31. That's 56% more than it earned in the fourth quarter of 2009, when it made $329.4 million.
Blackstone credited the success of its real-estate investments for much of the jump, although its private equity funds also made gains. Blackstone is set to raise its seventh real-estate fund this year, seeking about $10 billion.
Blackstone's net loss—which does include the IPO charges—was just $11 million in the fourth quarter, down from $143.3 million in the previous fourth-quarter.
The firm's assets under management rose almost 14% year-on-year to $109.5 billion; real-estate assets made up about one-quarter of that total. Deal-making volume more than doubled last year to $11.85 billion, up from $5.66 billion.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…