MUMBAI: The covid-19 pandemic that has ravaged economies around the world is far more formidable than the global financial crisis of 2008, said Blackstone co-founder Stephen Schwarzman in an analyst call late on Thursday while discussing the firm's Q1 2020 results.
The alternative asset management behemoth's portfolio has borne the brunt of the latest crisis as countries have curbed economic activity to prevent the spread of the coronavirus.
Blackstone's assets under management (AUM) stood at $538 billion as on 31 March compared with the December-end AUM of $571 billion, reflecting a drop of 5.7%. “Blackstone’s first-quarter financial results reflect the unprecedented market and global economic conditions caused by the covid-19 pandemic,"