Blackstone Group, the world’s largest manager of alternative assets, said first-quarter profit fell 77% as rocky markets curbed asset sales and new buyouts.

Bloomberg News reports that economic net income, a measure of earnings that reflects both realized and unrealized investment gains, dropped to $370.7m, or 31 cents a share, from $1.62bn, or $1.37, a year earlier, Blackstone said in a statement Thursday. Analysts had expected ENI of 40 cents a share, according to the average of 17 estimates in a Bloomberg survey.

In the meantime, Bloomberg also reports that Lazard, the largest independent investment bank, said first-quarter profit rose 19%, missing analysts’ estimates as revenue from asset management and advising on mergers declined.

Net income climbed to $66.8m, or 50 cents a share, from $56m, or 42 cents, a year earlier, the firm said Thursday in a statement. That missed the 65-cent average estimate of nine analysts surveyed by Bloomberg. Revenue declined 14% to $498.2m and expenses dropped 21% to $399.8m.

Blackstone’s Profit Falls 77% in Quarter as Asset Sales Slow

Lazard Misses Estimates as Asset Management, M&A Fees Fall