Blackstone Reports Second Quarter Earnings

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."


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR