Sunday, 19 April 2015
Last updated 15 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."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…