Friday, 25 July 2014
Last updated 15 min 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…