Saturday, 1 August 2015
Last updated 13 hours ago
Apr 17 2014 | 11:55am ET
A strong environment for selling off holdings added up to a 30% higher profit for the Blackstone Group in the first quarter.
The alternative investments giant easily topped analysts’ estimates with $814 million in economic net income, it said today. Distributable earnings rose 24% to $485 million as performance fees shot up 29% to $779 million.
Private-equity performance fees jumped fivefold as Blackstone sold off investments, increasing that business’ economic net income threefold to $319 million.
Blackstone said its investment income actually fell. The metric, which includes unrealized gains and losses, dropped 14% to $116 million. And the firm suffered a $9.8 million loss in its financial advisory business.
“Overall, we are extremely well-positioned, we think, for the future,” president Hamilton James said.
Blackstone’s assets under management rose 25% to $272 million.
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…