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FILE PHOTO: Symbol and trading information of the Blackstone Group are posted at the address where it is traded on the New York Stock Exchange (NYSE) on April 4, 2016. REUTERS / Brendan McDermid
NEW YORK (Reuters) – Blackstone Group LP, the world's largest alternative badet manager, such as private equity and real estate, announced on Thursday that it would pbad from one bank to another. partnership to a corporation, with the goal of increasing the number of investors.
Blackstone hopes that this decision will increase the price of its stock, which has traded for more than a decade at a lower price than traditional badet managers such as BlackRock Inc.
It will withdraw a tax shield it now enjoys, in exchange for allowing investors such as mutual funds and index trackers to buy shares.
Blackstone also announced Thursday a profit for the first quarter, reporting a distributable profit – the actual cash available for dividend payouts – of $ 538 million in the first quarter, up from $ 502 million USD a year ago.
Report by Greg Roumeliotis in New York; Edited by Bernadette Baum
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