Blackstone's third-quarter distributable earnings fall 13 percent to $1.32 a share as assets under management reach $1.37 trillion

Profit fell while assets grew. Blackstone's distributable earnings, its own non-GAAP profit measure, came to $1.7bn in the third quarter, or $1.32 a share against $1.52 a year earlier, according to results the New York firm filed with the SEC on Thursday. That is a 13 percent drop.

Assets under management rose 10 percent to $1.37 trillion, helped by $63.3bn of new money in the quarter and $271.6bn over twelve months. Fee-earning assets grew 9 percent to $989.7bn.

On the GAAP income statement, management and advisory fees rose to $2.18bn from $2.06bn. Performance allocations, the firm's share of profits in the funds it manages, fell to $205m from $781m. Net income attributable to the company was $662m.

The firm declared a dividend of $1.12 a share.