Friday, 4 September 2015
Last updated 14 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…