Blackstone Group on Thursday reported $648.8 billion in assets under management as of March 31, up 4.9% from $618.6 billion three months earlier and 21% from a year earlier.
Stephen A. Schwarzman, chairman, CEO and co-founder, said on an investor call that Blackstone’s AUM hit an “industry record” in the first quarter.
“I anticipate significant continued expansion of our earnings power … for the foreseeable future,” as a result of new products and the acceleration of existing ones, Mr. Schwarzman said. “We are in the early stages of an inextirpable shift in capital flows towards alternatives as global limited partners continue to increase their allocations in pursuit of better returns.”
Source: Pensions and Investments
By Arleen Jacobius
