Reuters: Private Equity: UPDATE 1-Blackstone's record assets boost earnings

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UPDATE 1-Blackstone's record assets boost earnings Apr 19th 2012, 13:05 Thu Apr 19, 2012 9:05am EDT * Assets under management up 27 pct to $190 bln * Q1 net income up 36.5 pct to $58.3 million * ENI $432.3 mln vs $571 mln a year earlier * Distributable earnings $162.1 mln vs $201.9 mln NEW YORK, April 19 (Reuters) - Blackstone Group LP, the largest publicly listed alternative asset manager, reported higher first-quarter earnings as demand for its real estate and credit funds yielded more management fees. Blackstone, whose performance is monitored closely by investors hoping to divine the fortunes of the upcoming initial public offering of peer Carlyle Group LP, reported net income rose 36.5 percent to $58.3 million. Blackstone, whose investments include The Weather Channel, Pinnacle Foods and SeaWorld Parks & Entertainment, said economic net income (ENI), a metric of its profitability that takes into account changes in the market value of its portfolio, dropped to $432.3 million from $571 million a year earlier. Distributable earnings, which show actual cash available to pay dividends, came in at $162.1 million, down from $201.9 million the year before. Total assets under management were $190 billion at the end of March, up 27 percent year-on-year. Fee-earning assets under management rose 26 percent to a record $156 billion. Blackstone declared a quarterly distribution of 10 cents per common unit. Link this Share this Digg this Email Reprints

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