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Blackstone profit up but misses forecasts amid energy headwinds

"The Achilles' heel of any asset management firm is succession. We're comfortable that we have the best succession planning in the industry." Blackstone president Tony James

New York

BLACKSTONE Group LP rode a widespread market advance in the second quarter, earning 36 per cent more than a year earlier. The results fell short of analysts' estimates as a downturn in energy prices hit private equity holdings.

While the asset manager's public holdings -...

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