Blackstone Q3 profits dip amid market turmoil
Blackstone, the world's largest alternative asset manager, announced a decline in its profits during the third quarter due to global market disruptions, which led to a slowdown in mergers and acquisitions and a 34% reduction in divestment proceeds from investments, amounting to approximately $332 million. Its distributable earnings decreased by 13% to $1.32 per share, although the results still exceeded analyst expectations. Markets declined due to rising bond yields, forecasts of continued high interest rates, and international conflicts, resulting in a 41% drop in market activity during the quarter. Despite this, the company's performance was negatively impacted, even though its assets under management increased to $1.37 trillion, supported by continued large cash inflows.
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