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Blackstone Posts Record $684 Billion in Assets Under Management

Blackstone tops analysts' earnings and revenue estimates for the second quarter.
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Shares of private-equity fund Blackstone Group Inc.  (BX) - Get Blackstone Group Inc. Class A Report shares were rising Thursday after the company reported second-quarter earnings that topped estimates and the firm saw record appreciation in the value of its investments. 

The New York-based company reported second-quarter net income of $1.31 billion, or $1.82 a share, compared with a profit of $568.3 million, or 81 cents a year ago. The firm reported revenue of $5.3 billion, more than double what it did a year ago.

Analysts polled by FactSet were expecting earnings of 79 cents a share on revenue of $1.84 billion. 

"Strong investment performance and our culture of innovation have allowed us to meaningfully broaden the clients we serve, including individual investors and insurance companies, and the types of investments we can make," said CEO Stephen Schwarzman. 

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Blackstone shares were rising 2.4% to $108.30 per share Thursday.

The company reported a record $684 billion in total assets under management, a 21% increase year over year. 

Last week, American International Group  (AIG) - Get American International Group, Inc. Report agreed to sell a 9.9% stake in its life and retirement business to Blackstone for $2.2 billion in an all-cash deal. 

The two firms also agreed to a “long-term strategic asset management relationship” that will start with $50 billion from AIG’s life and retirement portfolio and grow to $92.5 billion over the next six years.