Saturday, 30 August 2014
Last updated 1 day ago
Nov 6 2008 | 11:43am ET
The Blackstone Group posted a half-billion dollar loss in the third quarter, battered by the market turmoil.
The private equity giant said its net economic loss after taxes was $502.5 million. According to generally-accepted accounting principles, the loss was $365.5 million. In addition, the firm’s business lines saw $160.3 million in negative revenues.
“We are operating in a challenging and volatile environment,” Stephen Schwarzman, chairman and CEO, said. “As evidenced in the third quarter, global equity and credit markets have declined substantially and we have lowered the carrying value of our fund investments.”
Blackstone’s private equity business lost $68.3 million during the quarter, compared to a $227.3 million in revenue, while its real-estate business lost $273.7 million. Still, Blackstone pointed to a strong balance sheet featuring $1.13 billion in available cash and another $1.29 billion in liquid funds.
The firm’s hedge fund unit posted $48 million in negative revenue in spite of higher assets under management and management fees. Meanwhile, Blackstone’s advisory business—which included active deal advisory and restructuring business during boom times for those services—almost doubled its revenue, earning $160.7 million.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...