Saturday, 25 October 2014
Last updated 20 hours ago
Feb 2 2012 | 11:00am ET
The Blackstone Group said today its fourth-quarter profit dropped by 12%.
The private-equity giant's economic net income fell to $449.9 million from $512.7 million. The per-share return was in line with analysts' estimates.
For the full year, Blackstone's net income increased marginally to $1.584 billion.
"Despite volatile markets and struggling economies, Blackstone had strong performance in 2011," CEO Stephen Schwarzman said. "Our investors view us as a critical partner, helping them protect and grow their capital. We again reported net inflows in every one of our businesses with record fee-earning assets under management of $137 billion at year end, up 25% year over year."
Most of that increase came in Blackstone's private equity funds, whose assets rose from $24.2 billion to $37.2 billion. Hedge fund assets increased 14%, to $37.8 billion. Management fees consequently rose 15% year-on-year and performance fees 27%.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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