(Corrects 3rd paragraph to show most recent Thomson Reuters poll estimate was 47 cents per share)
July 16 (Reuters) - Blackstone Group LP, the world's largest alternative asset manager, reported a 62 percent slump in second-quarter earnings, blaming weak global equity markets that weighed on the value of some of its holdings.
The New York-based firm said on Thursday economic net income (ENI), a metric of its profitability that takes into account the mark-to-market valuation of its portfolio, was $508 million in the second quarter, down from $1.33 billion a year ago.
This translated into ENI per share of 43 cents, below the average estimate of 47 cents per share in a Thomson Reuters poll of analysts.
Distributable earnings however, which shows actual cash that is available to pay dividends, were a record $1 billion in the quarter, up 35 percent year-on-year.
Total assets under management hit a record $332.7 billion as of the end of June.
Blackstone declared a quarterly distribution of 74 cents per common unit.
(Reporting by Greg Roumeliotis in New York; Editing by Bernadette Baum)