Blackstone Group LP's third-quarter results came in below analysts' estimates as the firm's loss widened mostly due to market-driven declines in the so-called carrying value of assets, according to the Wall St Journal.
The private-equity giant has benefited in past quarters from its real-estate operations, thanks to a revival in office and hospitality real estate. But in the latest quarter, an 18% year-on-year increase in management and advisory fees wasn't enough to offset declining values of assets, including real-estate investments.
"The third quarter presented extremely challenging market conditions, dominated by risk aversion and volatility," Chairman and Chief Executive Stephen A. Schwarzman said…
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