Blackstone Group reported a record $472.2 billion in assets under management as of Dec. 31, up 3% from the quarter ended Sept. 30 and 9% from the quarter ended Dec. 31, 2017, according to the alternative-investments firm's earnings report released Thursday.
"As everybody knows, the fourth quarter was an extremely difficult period for markets and for most participants in the financial community. Risk assets declined sharply across the board," Chairman and CEO Stephen A. Schwarzman said during a conference call Thursday. "Against that background, Blackstone's funds preserved capital in the quarter — hard to believe, and for the full year dramatically outperformed market indices in almost every area."
He attributed the outperformance against the public markets and the "preservation of capital in the fourth quarter" to capital inflows of more than $100 billion in the year.