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Blackstone earnings miss forecast in choppy markets

Blackstone, the world's largest alternative asset manager, reported lower-than-expected economic net income of 31 cents per share for the first quarter as choppy financial markets dragged on investment returns.

Analysts had expected ENI per share to slump 73 percent to 37 cents in the quarter from $1.37 a year earlier.

ENI is a key earnings metric for U.S. private equity firms that accounts for unrealized gains or losses in investments, also known as the mark-to-market value.