UPDATE 1-Blackstone's first-quarter earnings soar on asset sales

April 16, 2015 12:09 PM

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April 16 (Reuters) - Blackstone Group LP, the world's largest alternative asset manager, said on Thursday that its first-quarter profit doubled from a year ago, as strong asset sales generated by its private equity and real estate units brought in record cash.

For the second quarter in a row, private equity overtook real estate as Blackstone's biggest earnings driver, thanks to the sale of shares in companies such as Catalent Inc, Pinnacle Foods and Michaels Companies Inc.

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