BUZZ - Blackstone shares rise as Q3 profits surpass expectations

October 22 - ** The world's largest alternative asset management firm Blackstone (link) BX.N reported its third-quarter financial results, after which its share price rose 4.3% to $113.98

** The company reported that net profit attributable to shareholders fell 13% year-on-year to $1.32 per share, but this was higher than analysts' expectations of $1.26

** Blackstone's performance benefited from more than $63 billion in net capital inflows, which boosted its assets under management to $1.37 trillion and drove a 6% increase in fee-related earnings

** However, the company stated that due to rising bond yields, 'higher interest rates for longer', and the turmoil in Iran, global M&A activity in the third quarter fell 41% quarter-on-quarter, with both deal-making and IPOs slowing as a result — London Stock Exchange Group (LSEG)

** This year, asset management companies specializing in alternatives have seen their share prices fall due to investor concerns over future growth slowdown and the impact of artificial intelligence on portfolio companies

** Since the beginning of this year, BX's share price has plummeted nearly 26%, with the decline largely in line with other asset management firms

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