Blackstone Profit Rises 30%

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.

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