The Blackstone Group L.P. has reported its financial results for Q1 2012, including quarterly net income of $432.3m.
This is down from the $571m the firm made during the corresponding period last year, but only marginally less than the $450m of Q4 2011.
The quarter saw the firm enjoy strong growth in Fee-Earning Assets Under Management and Total Assets Under Management, which rose to a record $156.3bn and $190.1bn respectively.
The GAAP results for Q1 saw revenue decline from $1.2bn to $952m (year-on-year), with net income (on a GAAP basis) rising from $42.7m last year to $58.3m in Q1 2012.
Chairman and Chief Executive Officer Stephen A. Schwarzman said that the quarterly results showed that Blackstone could generate returns for investors through market cycles and across asset classes.