Monday, 28 July 2014
Last updated 12 hours ago
May 4 2011 | 11:43am ET
Kohlberg Kravis Roberts posted a 10% increase in first-quarter profits as its private-equity business booms, the firm said today.
New York-based KKR said its net income rose to $742.5 million for the first three months of the year. That figure excludes some costs related to its initial public offering in 2009; under generally accepted accounting principles, KKR earned $159.6 million, easily topping analysts' estimates.
Much of its boost can be attributed to KKR's flagship p.e. business, which saw its profits jump 41% to $276.7 million as p.e. investments rose 6.5% on the quarter. That helped push assets under management up 12% to $61 billion and fee income up 12% to $110.3 million.
"The first quarter represented a good start to 2011 for each of our businesses," co-CEOs Henry Kravis and George Roberts said. "In particular, this quarter's strong financial results benefited from a growing number of monetization and exit events across our private equity portfolio, which generated the most distributable cash carry we have had in a quarter since going public."
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…