REUTERS: Blackstone Group Inc , the world's largest manager of alternative assets such as private equity and real estate, said on Thursday its distributable earnings in the second quarter rose 1per cent year-on-year, more than most analysts expected.
The New York-based firm reported net income per share on a diluted basis of 45 cents, based on generally accepted accounting principles , down 59per cent from a year ago. "We view this earnings release as very positive. Blackstone reported of US$10.6 billion, which was above our estimate of US$8.9 billion and higher quarter-over-quarter," Credit Suisse analysts wrote in a research note.Blackstone said its assets under management rose to a record US$545.5 billion in the three months through June, from US$511.8 billion in the prior quarter.