US private equity firm The Blackstone Group, whose shares have been trading at below their issue price for almost two months, said net profits more than trebled to $774m (€567m) in the second quarter, and that it continues to be "confident" of achieving high returns for investors despite the sub-prime induced market downturn.

Net profits in Blackstone's first quarterly earnings report since its flotation rose 246% compared to the same period a year earlier, as "strong growth in all four business segments" drove revenues up by more than three times to $2.2bn.