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Blackstone reports Q3 results

The Blackstone Group has reported its financial results for the third quarter of 2010, including net income of $339m, a rise of 23% from the $275m made during the same quarter last year.

Net fee-related earnings rose by 19% to $113m from $95m.

In Q3 total segment revenues rose from $603.8m to $792.2m, driven upwards by greater investment activity.

For the first nine months of the year Blackstone made net income of $904.9m, more than double that earnt during the corresponding period last year when the firm made $373.8m.

Chairman and Chief Executive Officer Stephen A. Schwarzman hailed the continued improvement the firm has seen, despite the ongoing fragility in markets and economies.

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