(Bloomberg)--Blackstone Group LP, the biggest manager of alternative assets, posted record fourth-quarter earnings as it sold real estate and private-equity investments at a profit. The shares rose the most in a year.

Economic net income, a measure of earnings excluding some costs, more than doubled to $1.54 billion, or $1.35 a share, from $670 million, or 59 cents, a year earlier, New York-based Blackstone said today in a statement. Analysts had expected earnings of 83 cents a share, according to the average of 16 estimates in a Bloomberg survey.

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