Blackstone's fourth-quarter earnings more than double

NEW YORK Thu Jan 30, 2014 7:24am EST

NEW YORK Jan 30 (Reuters) - Blackstone Group LP, the world's largest publicly listed alternative asset manager, reported a 130-percent rise in fourth-quarter profit on Thursday, showing particularly strong gains in its real estate business.

Blackstone, whose investments include The Weather Channel, Hilton Worldwide Holdings Inc and SeaWorld Entertainment Inc, said economic net income - a metric of its profitability that takes into account the mark-to-market valuation of its portfolio - was $1.54 billion in the fourth quarter of 2013, compared with $670 million a year ago.

Distributable earnings, which show actual cash that is available to pay dividends, jumped 46 percent in the first quarter to $820.6 million.

Total assets under management were $265.8 billion as of the end of December, up 26 percent year-on-year. Fee-earning assets under management rose 18 percent to $198 billion.

Blackstone declared a quarterly distribution of 58 cents per common unit.