-- Blackstone Inc. posted an increase in third-quarter profit as its credit arm was boosted by an influx of investor cash and became the firm’s biggest business by assets.Distributable earnings climbed 5.5% to $1.28 billion from a year earlier, buoyed by its lending arm, according to a statement Thursday. That profit measure amounted to $1.01 a share, beating the 91-cent average estimate of analysts surveyed by Bloomberg.
The credit arm’s strong showing helped the firm overcome subdued performance in private equity and real estate.The rise of credit underscores a push by the biggest alternative-asset managers to become financial superstores. The transformation has made them look more like banks and provided some relief during a challenging stretch for their private equity businesses.
Blackstone, the world’s largest alternative asset manager, is the first of such major firms to report financial results. A tentative deal recovery and uncertainty over a close presidential race looms large over the industry this earnings season. Media are invited to join the Honourable Randy Boissonnault, Minister of Employment, Workforce Development and Official Languages– on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, and Andrew Knack, Councillor.The Pitch Perfect actress has been open about her thoughts on having kids in the past and during an interview for Flow Space published on Wednesday, she elaborated further.