Blackstone’s first-quarter profit rises but coronavirus weighs


FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid

(Reuters) – Blackstone Group Inc (BX.N), the world’s largest manager of alternative assets such as private equity and real estate, reported a 4% rise in its first-quarter distributable earnings driven by a surge in management fees on strong fundraising, even as its funds took a hit in the coronavirus-induced downturn.

Distributable earnings (DE) rose to $557.1 million from $538 million a year earlier. This

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