Monday, 20 October 2014
Last updated 8 hours ago
Aug 13 2007 | 10:50am ET
The Blackstone Group today reported its second quarter 2007 results, and things are looking pretty rosy for the alternative asset behemoth.
The firm reported revenues of $975.3 million and net income of $774.4 million for the three months ended June 30, compared with revenues of $324.6 million and net income of $224.1 million a year ago. It experienced strong growth in all four business segments: corporate private equity, real estate, hedge funds and financial advisory.
Blackstone’s corporate p.e. unit reported revenues up 239% from the second quarter of 2006, largely driven by a rise in performance fees and carried interest allocations and investment income as net appreciation from underlying funds increased $1.7 billion from the second quarter 2006. Management fees declined slightly over the same period.
Its hedge fund unit dubbed Marketable Alternative Asset Management achieved second quarter revenues of $168.6 million, an increase of 419% from the same period last year. MAAM includes hedge funds investing across several asset classes, geographies and investment styles.
Stephen Schwarzman, chairman and CEO, said, "We are pleased to report such strong results in each of our business segments. In the face of current market volatility and challenges, we remain confident about delivering superior long-term returns for the investors in our funds, which we believe is the key to driving value and growth for our unit holders."
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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...