|
|
Article: Blackstone Group 2Q Profit Triples
- Article from:
- AP Online
- Article date:
- August 13, 2007
CopyrightCopyright 2007 Associated Press/AP Online. This material is published under license from the publisher through YellowBrix, Alexandria, Virginia. All inquiries regarding rights should be directed to YellowBrix. (Hide copyright information)
|
NEW YORK - Blackstone Group's profit tripled in the second quarter as clients poured more money into the private equity firm's investment funds, the company said Monday.
In its first earnings report as a publicly traded company, the New York-based investment partnership said second-quarter net income surged to $774.4 million from $224.1 million in the second quarter of 2006.
Blackstone, which went public in June in a widely-hyped initial public offering, earns money mainly by charging clients fees for running its private equity, real estate and hedge funds.
These fees tripled to $795.4 million during the second quarter, as the funds' money under management swelled by more than 50 ...