Blackstone Group LP, the world's largest manager of alternative assets such...
NEW YORK - Blackstone Group LP, the world’s largest manager of alternative assets such as private equity and real estate, said on Thursday it would convert from a partnership to a corporation, in a bid to get more investors into its stock.
Under the so-called C-Corp structure, Blackstone will pay corporate taxes on all its revenue, in exchange for enabling investors such as mutual funds and index trackers to buy the stock. Passive investors such as mutual funds, which are becoming more important as they manage more money, are restricted by their mandates from acquiring the stock of publicly listed partnerships.
This translated to distributable earnings per share of 41 cents, lower than the 51 cents analysts had predicted on average based on Refinitiv data.
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