Blackstone beats expectations as assets hit record levels

Oliver Gill
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Blackstone is headquartered in New York (Source: Getty)

Earnings at the US’ biggest buyout firm today swelled by almost a quarter, beating analysts expectations.

New York-listed Blackstone said its third-quarter earnings had grown by 23 per cent to $385m (£293m).

Shares rose over 1.55 per cent in trading.

Net income for the three months to September was $834m, up 21 per cent and boosted by $582m in performance fees from its real estate portfolio. Net income per share was 69 cents, well ahead of estimates of 55 cents.

The fund’s property portfolio has been pumped up by snapping up large portions of Banco Popular's Spanish property and loan book.

Read more: Goldman Sachs sells final stake in £2bn Rothesay Life

Blackstone manages a record $387bn in assets, seven per cent up on the year.

“We continue to successfully expand our global investment platforms, launching new products and channels,” said co-founder Stephen Schwarzman.

"The result is nearly $20bn of capital inflows in the third quarter, propelling us to a new record for assets under management... And I expect that record to be exceeded again in the fourth quarter."

Read more: Banco Popular to ditch €30bn of toxic assets

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