News Column

Blackstone's quarterly profits soar 89pc on 2005 fund success

July 18, 2014

CITY A.M. REPORTER



BLACKSTONE, the world's biggest private equity firm, felt the benefits of an investment fund it raised in 2005 yesterday, sending quarterly profits for this year soaring by 89 per cent.


The group said economic net income - a common measure of profits - had risen to $1.3bn (760m) for the three months ending June. Assets under management also rose by more than a fifth versus a year ago, to $279bn.


The rise was driven by a surge in performance fees, which track the success of its investments. These rose to $1.4bn from $779m a year earlier.


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Source: City A.M. (UK)


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