NEW YORK, April 17 Blackstone Group LP,
the world's largest alternative asset manager, reported a 30
percent rise in first-quarter earnings, driven by strong gains
in its private equity arm that more than offset declines in its
real estate unit.
Blackstone said on Thursday that economic net income (ENI),
a metric of its profitability takes into account the
mark-to-market valuation of its portfolio, was $813.9 million in
the first quarter versus $628.3 million a year ago.
This translated into ENI per share of 70 cents, more than
the 56 cents that analysts forecast on average in a Thomson
Distributable earnings, which show actual cash that is
available to pay dividends, rose 24 percent in the first quarter
to $485 million.
Total assets under management reached a record $272 billion
as of the end of March, up 25 percent from one year ago.
Fee-earning assets under management rose 19 percent to $203.6
Blackstone declared a quarterly distribution of 35 cents per
(Reporting by Greg Roumeliotis in New York, Editing by Franklin