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From the Opalesque team:
Asset management firm The Blackstone Group reported 4Q09 and 2009 end of year earnings on Thursday, revealing the firm has solidly rebounded from its stumble in 2008, when shares fell to a low of $3.55 (shares in Blackstone closed Thursday at 13.92). End of year 2009 revenues were $1.8bn (compared to -$349m during 2008).
Blackstone’s Chairman and CEO Stephen Schwarzman expressed reserved optimism about the global financial markets, commenting that the worst of the financial crisis was behind us, but that recovery in Western economies would likely be gradual and uneven. Blackstone currently holds $12bn in “dry powder” that it anticipates deploying as opportunities continue to present themselves during the market recovery.
Largest fund of hedge funds in the world
“It is not accident that we have become the largest fund of hedge funds (FoHFs) in the world,” Schwarzman said during a call with analysts. As the hedge fund industry ended 2008 and began 2009, many FoHFs were forced to liquidate altogether, and a popular topic in the media was whether or not the fund of funds business model would survive. With 2009 net inflows of $500m and year-end performance at +16%, investors have indicated that for at least the Blackstone FoHFs, survival is very likely.
Approximately 40% of Blackstone’s FoHFs assets that are eligible for incentive fees have returned to levels above their high water marks. Of the remaining ass...................... To view our full article Click here
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