Sunday, 3 May 2015
Last updated 1 day 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.
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…