BLACKSTONE, the US investment company that co-owns the Broadgate Estate, yesterday set out its stall to give people more access to its exclusive funds, as it posted a surge in revenues and profits.
The group, which is currently tangled in a bid to buy PC maker Dell, said it would target more retail investors like high net worth (HNW) people and people saving for a pension to grow the firm.
“We think the retail opportunity is big for our industry and big for ourselves,” President Tony James said. “Bringing out products to high net worth individuals is a logical evolution.”
Around 20 per cent of all pension scheme and insurance assets are in alternatives compared to just one or two per cent of HNW assets.
Co-founder and chief executive Steve Schwarzman, pictured, also said the move to defined contribution pensions would mean the company could start targeting the man on the street to boost its assets.
Yesterday it said revenues were up 29 per cent and economic net income, a measure of profits, 28 per cent year-on-year.