Wednesday, 1 October 2014
Last updated 6 hours ago
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.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...