Blackstone, one of the largest alternative asset managers in the world, has reported strong results for the first quarter of 2022.
The company’s distributable earnings in the quarter jumped 63% year-over-year to $1.9bn.
Fee Related Earnings totalled $1.1bn, up 55% from last year quarter.
Blackstone’s net accrued performance revenues also increased by 84% year-on-year to $9.5bn in Q1 2022.
The company’s total assets under management (AuM) at the end of the quarter was $915.5bn. The figure represents an increase of 41% from last year period.
Blackstone chairman and CEO Stephen A. Schwarzman said: “The first quarter represented one of the best in Blackstone’s 36-year history despite an extremely challenging market backdrop.
“Our flagship strategies delivered significant outperformance for investors while our powerful platform expansion continued with $50 billion of inflows in the quarter. This translated once again to exceptional financial results for our shareholders.”
Additionally, the alternative asset manager announced a quarterly dividend of $1.32 per share. It will be paid on 9 May 2022.
Blackstone’s AuM includes investment vehicles that are focused on private equity, real estate, public debt and equity, infrastructure and life sciences among others.
In February this year, it was reported that Blackstone is planning to double its workforce in Asia.
The move will involve hiring new talent in Singapore, Hong Kong and Tokyo.
Blackstone also acquired a majority stake in India-based ASK Investment Managers this year.