Blackstone's earnings soar as it exits investments

April 18 Thu Apr 18, 2013 8:26am EDT

April 18 (Reuters) - Blackstone Group LP, the world's largest alternative asset manager, reported on Thursday a 28 percent rise in profit in the first quarter of 2013, as its private equity, real estate, credit and hedge fund units successfully sold assets.

Blackstone reported economic net income, a measure of its profitability that takes into account the mark-to-market valuation of its portfolio, of $628.3 million, up from $491.2 million a year before.

Distributable earnings, which show actual cash that is available to pay dividends, rose in the first quarter 134 percent to $379 million.

Total assets under management were a record $218 billion as of the end of March, up 15 percent year-on-year.

Blackstone declared a quarterly distribution of 30 cents per common unit, up 200 percent year-over-year.

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