Blackstone Profit Doubles

Apr 18 2013 | 12:53pm ET

The Blackstone Group doubled its first-quarter profit this year for its best quarterly earnings since going public.

The alternative investments giant said its profit rose from $58.3 million in the first quarter of last year to $167.6 million this year. Economic net income rose 28% from last year to $628.3 million, and distributable earnings more than doubled to $378.8 million.

Much of the improvement was due to the quarter's improved deal-making environment, allowing Blackstone to sell some $2 billion in assets.

Blackstone's assets under management rose 15% to $218 billion, $170.9 billion of which are fee-earning assets. Fee revenue rose 3% to $520.9 million, while performance fees jumped 57% and investment income 62%.

"Although several of our investment businesses are already the largest of their kind in the world, every one reported year-over-year double-digit growth in total assets under management," CEO Stephen Schwarzman said.

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