American investment firm Blackstone has posted an economic net income of $1.62bn for the first quarter, a surge 99% compared to $813.93m a year ago.
The company’s total revenues saw a jump of 66% to $2.5bn as against $1.5bn a year in the year ago quarter. The revenue included $614.89m in fee revenues, $1.67bn in performance fees, $189.64m in investment income, and $30.45m in interest income and dividend revenue.
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The firm’s fee-earning assets under management totalled $223.51bn, up 10% from $203.59bn in the corresponding quarter of 2014.
Total assets under management rose 14% to $310.4bn from $271.7bn a year ago, making Blackstone the first alternative asset manager to cross the $300bn mark.
The firm has declared a first quarter distribution of $0.89 per common unit payable on 4 May 2015, which is the highest quarterly distribution in its history and a rise of 154% compared to last year.
Blackstone chairman and CEO Stephen Schwarzman said, "Blackstone again broke all of our asset and earnings records in the first quarter. Economic Net Income doubled from the prior year, while Distributable Earnings rose nearly 160%. Realization activity continued to accelerate while, at the same time, we’ve been raising and investing funds at an unprecedented rate, creating the basis for future value.
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By GlobalData"Our limited partners entrusted us with $30 billion of new capital in the quarter and $77 billion over the last twelve months, shattering our own record for the alternative asset management industry, and driving our Total Assets Under Management to $310 billion, up 14% year over year."
