Saturday, 1 November 2014
Last updated 20 hours ago
May 16 2012 | 12:22pm ET
The Carlyle Group's first quarterly report as a public company was a forgettable one, indeed.
The private equity giant said its first quarter economic earnings fell 26.5%. Carlyle blamed both lower performance fees and investment income, as well as a particularly strong first quarter in 2011, for the big drop from $533 million to $392 million.
"Our results for the quarter are consistent with our plans for the year and demonstrate the breadth, balance and depth of our firm," co-CEO David Rubenstein said. "They also show our ability to attract capital commitments, pursue investments and realize distributions on a global basis."
Revenue fell 16% to $1.11 billion as performance fees dropped 27% and total investment income fell 48%. Management fee income rose 2.8%.
Carlyle added that it plans to raise 11 new funds this year to capitalize on an increase in deal-making activity, what co-CEO William Conway called "a fantastic time to make investments."
Among the fundraisings planned is $10 billion for its flagship North America fund and its fourth Asian fund.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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