Looking for a way to keep warm during the cold weather or rather alleviate your cold while under the weather?
Saturday, 21 January 2017
Last updated 23 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.