Monday, 29 August 2016
Last updated 10 min ago
Jan 31 2014 | 1:04pm ET
The Blackstone Group enjoyed its best quarter since going public, earning $621.3 million in the fourth quarter.
The profit is nearly six times that Blackstone posted in the year-earlier period.
The private-equity giant also reported economic net income of $1.54 billion, more than twice the $670 million it enjoyed in the fourth quarter of 2012. That number easily topped analysts' expectations.
Real estate—the fiefdom of Jonathan Gray, according to The Wall Street Journal the firm's likely future leader—did best, nearly tripling its returns. Private-equity profits rose 82% and hedge fund profits 63%. Blackstone's credit and financial advisory businesses also posted profits, albeit slightly lower than in the year-earlier period.
Blackstone said it would pay a 58-cent dividend, its largest ever.