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Blackstone Group,(NYSE:BX) a worldwide financial advisory service (NYSE:BX) announced its rising earnings on Thursday from a year ago, beating analysts' expectations claiming that increased performance fees and improved valuations of its portfolios was the cause.
Blackstone's fourth-quarter Economic Net Income was $329 million, compared with a loss of $764 million a year earlier. For the full year, ENI rose to $703 million, from a loss of $1.2 billion for 2008.
"We believe the worst is behind us, although a recovery in Western economies could be gradual and uneven," Blackstone's CEO Stephen Schwarzman said in a statement, noting the recent market turbulence in January and February.
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