The Blackstone Group Q2 2017 and Bank of New York Mellon Q2 2017 earnings reports were released before opening bell this morning. Blackstone reported economic net income of 59 cents per share on in revenue, compared to the 62 cents per share Wall Street was expecting.
The Bank of New York Mellon Q2 2017 earnings amounted to 88 cents per share, up from 75 cents per share in the same quarter a year ago. Wall Street had been looking for earnings of 84 cents per share. Revenue grew to $3.96 billion, up 4% year over year from last year’s $3.7 billion.
Blackstone Group Q2 2017 earnings
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The Blackstone Group Q2 2017 earnings report revealed that distributable earnings rose to 63 cents per share, a 58% year over year climb on the back of strong growth in realized performance fees. Fee related earnings rose 33% to $311 million as net management and advisory fees drove the increase.
Blackstone’s total assets under management reached a new record of $371.1 billion on the back of ongoing fundraising, expansion of the company’s platform and appreciation of its funds. Inflows amounted to $12.1 billion during the second quarter.
The alternative asset bellwether sold $4.6 billion worth of real estate holdings during the quarter, while its private equity arm unloaded $2.8 billion worth of assets.
Following the Blackstone Group Q2 2017 earnings report, the firm’s shares slipped, falling by as much as 1.7% to $34.19 in premarket trading.
Bank of New York Mellon Q2 2017 earnings
Bank of New York Mellon said its investment management and performance fees grew 6% year over year as its assets under management rose to a new record of $1.7 trillion, a 6% year over year increase. Assets under custody and/or administration grew 5% to a record $31.1 trillion as market values rose. Higher market values, money market fees and performance fees drove the increase in management and performance fees. Investment services fees grew 4% year over year as clearing services fees, new business and higher equity market values drove growth.
After the Bank of New York Mellon Q2 2017 earnings report, the firm’s shares ticked slightly higher in premarket trades, rising by as much as 0.64% to $53.40.