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28

Blackstone’s Fourth-Quarter Profit Plunges

By Tony Seruga

Score one for Mr. Market.

The long-running campaign by the Blackstone Group’s chief executive,Stephen A. Schwarzman, to get investors to pile into his stock was hurt on Thursday when Blackstone reported a 70 percent decline in its core income for the fourth quarter.

With the stock market in broad retreat, the lucrative performance fees that Blackstone receives when it unloads various investments — and which are at the heart of the company’s business model — nearly vanished in the fourth quarter…

Blackstone’s Fourth-Quarter Profit Plunges

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