NEW YORK (TheStreet) -- Blackstone Group LP (BX) , the largest manager of alternative assets, is "giving up on Russia", highlighting how even well-connected western investors are backing away from doing business in the country, the Financial Times reports.
The buyout group has been frustrated in its attempts to find deals in the country since its co-founder Stephen Schwarzman joined the international advisory board of the Russian Direct Investment Fund, a $10 billion government-backed fund, three years ago, the Times said.
Blackstone, which does not have an office in Russia, will not renew the contracts of the consultants it employs in the country, and the move will bring to an end Blackstone's embryonic attempts to break into Russia, the Times added.
Blackstone had no comment.
Shares of Blackstone are slightly higher in pre-market trade
TheStreet Ratings team rates BLACKSTONE GROUP LP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate BLACKSTONE GROUP LP (BX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, expanding profit margins, good cash flow from operations and solid stock price performance. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."