New York-listed Blackstone said that its total assets under management increased 21 per cent year-on-year to a record $248 billion, driven, the firm says, by $53 billion of gross inflows and $25 billion of market appreciation across all investment businesses.

Blackstone said that its third-quarter earnings increased by 3 per cent year-on-year due to an increase of fee revenue and profits from its holdings sales.

Gross inflows at the firm reached $21 billion in the third quarter and $53 billion over the last twelve months, including $9.1 billion for the Strategic Partners acquisition.

Blackstone said that its total revenues were up 40 per cent for the quarter and 17 per cent year-to-date compared to the same periods last year, primarily due to an increase in activity of its Restructuring and Park Hill fund placement businesses, the firm said in a statement.

Meanwhile, distributable earnings increased 59 per cent year-on-year to $313 million, the firm said.

At September 30, 2013, Blackstone had $2.2 billion in total cash, corporate treasury and liquid investments and $7.4 billion of total net value, or $6.51 per DE unit, up 15 per cent from $5.66 a year ago.