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Blackstone says assets under management grew to record US$450bln in quarter

Company plans to pay special dividend of US$0.30 for 2018

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The shares gained 1.7% on the news

Blackstone Group LP (NYSE:BX) said assets under management gained 22% to a record US$450bln in the first quarter, helped by fundraising.

Inflows amounted to US$18bln in the period, the company said today in a statement. Economic profit, which shows the changes in the value of unrealized investments, fell to $US792mln, or US$0.65 a share, from $US967.9mln, or US$0.81 a share, a year earlier. That beat the consensus estimate of US$0.47 of analysts polled by FactSet.

New York-based Blackstone also said it plans to pay a special dividend of US$0.30 for 2018. 

The stock rose 1.7% to US$32.31 at 1:41 p.m.

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