Blackstone Group, the largest alternative asset manager, said second-quarter earnings more than tripled as the value of its funds rose and it cashed out on parts of its portfolio, including SeaWorld.
Despite market jitters in the second half of the quarter over the Federal Reserve ending its bond-buying programme, Blackstone's private equity and real estate funds appreciated more than 5 per cent, surpassing analysts' expectations, while its hedge and credit funds posted strong gains.
Blackstone reported economic net income of $703 million, up from $212 million in the second quarter a year ago. This figure takes into account changes in the market value of its funds. – (Reuters)
