Blackstone's Profit Rises 4% in Q1 2020
Blackstone Group Inc, the world's largest manager of alternative assets such as private equity and real estate, reported a 4% rise in first-quarter distributable earnings on Thursday, driven by a surge in management fees, even as its funds took a hit in the coronavirus-induced downturn. Blackstone, whose shares were up 5.3% at $48.78 on 23rd afternoon, posted a 16% rise in management and advisory fee revenue thanks to its continued fundraising. That offset a 32% drop in revenue generated from performance fees it books when it cashes out on assets. Distributable earnings (DE) rose to $557.1 million from $538 million a year earlier. This translated into DE per share of 46 cents, lower than the 50 cents that analysts estimated on average, according to data compiled by Refinitiv.
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