Saturday, 27 December 2014
Last updated 3 days ago
Oct 24 2013 | 10:23am ET
Kohlberg Kravis Roberts' third-quarter profit topped analysts' estimates with a 20% gain and better returns than its private-equity rivals.
New York-based KKR said its economic net income for the quarter was $613.7 million, up from $509.9 million in the year-earlier period. The figure was enough to easily top expectations, which called for a per-share adjusted profit of 59 cents, rather than the 84 cents the firm actually posted.
KKR said its private-equity funds returned 5.9% in the quarter, well ahead of both the Blackstone Group and the Carlyle Group. The firm invested $1.8 billion during the quarter, its most active in almost two years. Assets under management rose 8% to $90.2 billion.
Credit proved the one black mark on the quarter, with the business' economic net income falling 19% on the quarter. KKR blamed lower fee revenue, weaker returns and high fundraising costs.
KKR said it would pay a 23-cent third-quarter dividend.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.