Blackstone Group, the world’s largest manager of alternative assets such as private equity and real estate, said fourth-quarter profit rose 43 percent as the carrying value of its holdings gained.
Economic net income, a measure of earnings excluding some costs tied to the firm’s 2007 initial public offering, increased to $670 million, or 59 cents a share, from $468 million, or 42 cents, a year earlier, New York-based Blackstone said today in a statement. The results beat analyst expectations of 47 cents a share, according to the average of 15 estimates in a Bloomberg survey.
