Wednesday, 25 November 2015
Last updated 7 hours ago
Apr 21 2011 | 10:08am ET
Private equity giant the Blackstone Group said its first-quarter profit soared 58%.
The New York-based firm posted a profit—excluding some costs tied to its 2007 initial public offering—of $568.1 million, up from $360.4 million. The number topped analysts' estimates by 10 cents per share.
"Blackstone reported our strongest quarterly earnings since becoming a public company four years ago, as the values of all of our funds continued to increase," CEO Stephen Schwarzman said. "Every one of our investing businesses grew sharply year-over-year."
The results mark a milestone for Blackstone: its first profit under generally accepted accounting principles since its IPO. The firm's net income swung to $42.7 million from a net loss of $121.4 million a year earlier.
Blackstone credited the boost to its real-estate and private equity investments. The former saw an almost four-fold increase in revenue to $555.6 million, while the latter saw revenue drop slightly but valuation rise some 5%.
Blackstone's hedge fund revenue also rose, to $105.4 million.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…