Published On: Thu, Jul 16th, 2015

Stephen Schwarzman’s Blackstones Second-Quarter Profit Falls 62% on Stock Declines

Stephen Schwarzman

Blackstone Group LP, the world’s biggest manager of alternative assets, said second-quarter profit fell 62 percent as its private equity funds had smaller gains.

Economic net income, a measure of earnings that reflects realized and unrealized gains, fell to $508.4 million, or 43 cents a share, from $1.33 billion, or $1.15 a share, a year earlier, New York-based Blackstone said Thursday in a statement. Analysts expected earnings of 44 cents a share, according to the average of 15 estimates in a Bloomberg survey.

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