Jan 29 (Reuters) - Blackstone Group LP, the world’s largest alternative asset manager, reported a 6 percent decline in 2014 fourth-quarter profit on Thursday as its real estate funds appreciated less than they did a year ago.
Blackstone said economic net income (ENI), a metric of its profitability takes into account the mark-to-market valuation of its portfolio, was $1.45 billion in the quarter, down from $1.54 billion a year ago.
Distributable earnings, which show actual cash that is available to pay dividends, rose 38 percent in the fourth quarter to $1.13 billion, as Blackstone continued to generate cash by selling several of its assets.
Total assets under management were $290.4 billion as of the end of December, up 9 percent year-on-year. Fee-earning assets under management also rose 9 percent to $216.7 billion.
Blackstone declared a quarterly distribution of 78 cents per common unit. (Reporting by Greg Roumeliotis in New York; Editing by Chizu Nomiyama)