Sunday, 21 December 2014
Last updated 1 day 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.